13/11/2026 02:40 AST
Dubai-based developer Binghatti reported a sharp rise in earnings for the first nine months of 2026, underscoring the continued strength of the emirate's residential property market as population growth, infrastructure investment and end-user demand support sales.
The company said net profit climbed 65 per cent year-on-year to Dh4.4 billion, while revenue increased 66 per cent to Dh14.9 billion in the nine months ended September 30. Sales rose 11 per cent to Dh14.2 billion, with third-quarter revenue more than doubling from a year earlier.
The results come as Dubai's property market continues to attract residents and investors, helped by long-term residency programmes, economic diversification and government-backed infrastructure projects. Binghatti said demand is increasingly being driven by residents and end users rather than short-term speculation.
Revenue growth was supported by construction progress across the company's portfolio and the completion of five projects during the period, including Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove. Around 2,600 units were handed over to buyers.
"We build what we sell. Design, contracting and delivery all sit inside Binghatti, so the construction schedule is ours to manage, not a third party's," chairman Muhammad BinGhatti said. "That same control is what allowed us to pass last year's full-year profit within nine months."
The company said another eight projects comprising about 6,400 units remain on track for completion before the end of 2026, a factor it expects will boost cash collections and conversion in coming months.
Chief executive and managing director Katralnada BinGhatti said the figures reflected sustained demand for homes in established and emerging locations across the city.
"Our sales grew 11 per cent this year to Dh14.2 billion, indicating that demand for well-located homes at the right price remains strong," she said.
She added that the company had broadened its offering by launching its first villa community, Tilal Binghatti, and its first master-planned development, Mercedes-Benz Places | Binghatti City. "We continue to build where people want to live: more than half of our units sit in communities that Dubai's new metro lines will connect," she said.
Binghatti also highlighted its future earnings visibility. The developer holds Dh16.4 billion in contracted revenue yet to be recognised over the next one to three years and a development backlog valued at Dh33 billion.
"With Dh16.4 billion of contracted revenue still to be recognized and a development backlog of Dh33 billion, we go into 2027 with clear visibility on the years ahead," Katralnada BinGhatti said.
The company also reported a stronger balance sheet, with total equity increasing to Dh11.2 billion from Dh6.8 billion at the end of 2025 and corporate cash rising to Dh2.7 billion. Chief financial officer Shehzad Janab said the results reflected "strong growth in Tangible Net Worth" and demonstrated a continued focus on maintaining "balance-sheet resilience" while pursuing expansion through disciplined capital management.
Khaleej Times
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