Dubai-based Binghatti Holding has delivered robust results for the first nine months recording a 65% jump in its net profit y-o-y hitting AED4.4 billion ($1.2 billion),  exceeding the Group's full-year 2025 profit of AED3.6 billion ($980 million), while its revenue surged by 66% to AED14.9 billion ($4.1 billion).

Announcing its results for the nine-month period ended September 30, 2026, Binghatti Developers said sales increased 11% to AED14.2 billion, while total equity rose to AED11.2 billion from AED6.8 billion at the end of 2025.

Revenue in the third quarter more than doubled year-on-year, while sales rose 7% to AED4.6 billion, it stated.

Binghatti completed five projects during the period — Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove — handing over approximately 2,600 units. Eight further project completions are expected by the end of 2026.

The developer's contracted revenue backlog stood at AED16.4 billion, which it expects to recognise over the next one to three years. A further AED4.7 billion in trade receivables and contract assets is largely expected to be collected upon project handovers.

The group's total sellable area increased to 14.6 million sq ft in September 2026 from 2.4 million sq ft at the end of 2025, expanding its future development pipeline.

Binghatti reported total assets of AED35.5 billion at the end of September, up 46% from year-end 2025. Bank balances, including escrow accounts, stood at AED12.4 billion, up 40% year-to-date, while cash and cash equivalents amounted to AED10.9 billion, compared with AED3.4 billion at the end of 2025.

Cash and bank balances, including escrow funds, exceeded total borrowings of AED12.2 billion. Corporate cash stood at AED2.7 billion, representing a fivefold increase since the beginning of the year, said the statement.

The group issued a $500 million sukuk in February 2026 to diversify its funding sources. It said it plans to repay the instrument in full at maturity in February 2027 using internally generated cash, adding that its corporate cash balance at the end of September was equivalent to about 1.5 times the amount due.

Gross debt to equity stood at 1.1 times, while ebitda covered net finance costs 7.4 times. The company said it remained in compliance with all financial covenants, it added.

Giving a growth outlook, Binghatti said Dubai's residential market continues to be supported by population growth, long-term residency trends, economic diversification and government initiatives, with demand increasingly driven by residents and end users.

The developer expects properties offering the right product mix at competitive price points and in well-connected locations to continue attracting strong demand.

Infrastructure projects are also expected to influence residential demand, with the Dubai Metro Blue Line, scheduled to open in 2029, and Gold Line, planned for 2032, set to serve communities where 55% of Binghatti's completed and under-development units are located. These include Jumeirah Village Circle, Business Bay, Nad Al Sheba and Dubai Silicon Oasis, stated the developer.

The expansion of Al Maktoum International Airport and the planned launch of Etihad Rail passenger services, including a high-speed link between Dubai and Abu Dhabi, are also expected to improve connectivity across Dubai and the wider UAE, it added.

Shehzad Janab, Chief Financial Officer, said Binghatti's nine-month results demonstrate strong growth in Tangible Net Worth, with debt increasing at a measured and manageable pace.

“This reflects our continued focus on strengthening the Group's capital base, maintaining balance-sheet resilience and pursuing growth through disciplined financial and capital-structure management,” he added.-TradeArabia News Service