Binghatti nine-month net profit climbs 65 percent to AED4.4 billion
Revenue rose 66 percent to AED14.9 billion as construction advanced across the portfolio and five projects handed over 2,600 units.
Binghatti Holding reported net profit of AED4.4 billion for the nine months ended September 30, 2026, up 65 percent from the same period in 2025. Revenue climbed 66 percent to AED14.9 billion as construction advanced across the portfolio, the company announced on November 12. The nine-month result exceeded the group's full-year 2025 net profit of AED3.6 billion.
Revenue and sales performance#
Revenue for the nine months reached AED14.9 billion, a 66 percent increase year-on-year, driven by construction progress. Third-quarter revenue more than doubled. Sales rose 11 percent to AED14.2 billion, with third-quarter sales up 7 percent to AED4.6 billion. Gross profit increased 62 percent to AED6.4 billion, while EBITDA gained 74 percent to AED5.7 billion. Total equity stood at AED11.2 billion at September 30, compared with AED6.8 billion recorded at December 31, 2025.
Project completions and handovers#
Binghatti completed five projects on schedule during the period: Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove. The five projects handed over approximately 2,600 units. Eight further projects are on track for completion by year-end 2026. The developer launched 12 projects in the nine-month period and debuted its first villa community, Tilal Binghatti, and its first master community, Mercedes-Benz Places | Binghatti City. Sellable square footage jumped from 2.4 million square feet to 14.6 million square feet between December 2025 and September 2026.
Cash position and contracted backlog#
Corporate cash reached AED2.7 billion at September 30, representing approximately a five-fold increase year-to-date and a seven-fold increase sequentially. Bank balances reached AED12.4 billion, up 40 percent year-to-date, with AED10.9 billion recorded as cash and cash equivalents compared with AED3.4 billion at December 31, 2025. The company holds contracted revenue backlog of AED16.4 billion for recognition across the following one to three years. Outstanding customer receivables total AED4.7 billion, with collection due primarily at handover.
Balance sheet and financing#
Total assets grew 46 percent year-to-date to AED35.5 billion. Cash and bank balances, including escrow, exceeded total borrowings of AED12.2 billion. The company issued a $500 million sukuk in February 2026. Gross debt to equity stood at 1.1 times, and EBITDA covered net finance costs 7.4 times at September 30. The group remained in compliance with all financial covenants. Corporate cash at September 30 was equal to approximately 1.5 times the $500 million sukuk due for repayment in full at maturity in February 2027.
Sources2 sources across 2 domains
- gulfnews.comGulf NewsNet profit of AED4.4 billion for nine months to September 30, 2026, up 65 percent, revenue climbed 66 percent to AED14.9 billion, five projects completed with 2,600 units handed over
- economymiddleeast.comEconomy Middle EastTotal equity rose to AED11.2 billion, corporate cash reached AED2.7 billion, contracted revenue backlog of AED16.4 billion, total assets grew 46 percent to AED35.5 billion, sukuk issued in February 2026
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