Binghatti 2024 net profit surges 152% to AED 1.83bln, driven by record-breaking sales
Revenue backlog almost tripled to AED 10 billion at the end of 2024
Pretax profit exceeding AED 2 billion, a 177% year-on-year increase
Dubai, The UAE - Binghatti Holding Ltd ('Binghatti' or 'the Company'), a leading UAE luxury real estate developer, announced an outstanding financial performance in 2024, with net profit attributable to shareholders soaring 152% to a record AED 1.83 billion, compared to AED 0.73 billion in 2023. The Company's exceptional growth was fueled by unprecedented demand for luxury properties in Dubai and the successful launch of new projects, driving the company's highest-ever sales.
Binghatti reported AED 11.6 billion in total sales, which translated into a surge of almost 200% in revenue to AED 6.3 billion, underscoring the Company's commitment to operational excellence and strong market positioning in Dubai's luxury real estate sector.
In 2024, the Company significantly expanded its property portfolio, leading to a 182% increase in its revenue backlog to approximately AED 10 billion as of December 31, 2024, compared to AED 3.4 billion in 2023. The significant increase was driven by the launch of 16 new projects, which introduced 11,750 new units to the market. Meanwhile, 3,700 units across 10 projects were successfully delivered to clients, reinforcing the company's strong execution capabilities.
Binghatti continued to elevate its market appeal with high-end, branded real estate collaborations featuring globally renowned luxury icons such as Mercedes Benz, Bugatti, and Jacob & Co. The Company's exclusive clientele includes celebrities such as the Brazilian footballer Neymar Junior and opera singer Andrea Bocelli, further solidifying its status as a market leader in the high-end property sector.
Looking ahead, the Company's growth will be enhanced by the acquisition of over 13 million square feet of prime development land in Dubai, with an estimated future total development value exceeding AED 26 billion.
Chairman of Binghatti Holding Ltd., Muhammad Binghatti, commented: "2024 has been a transformative year for the Company, and our exceptional financial results reflect the strengthening of our position in Dubai's luxury real estate market. Our record performance also demonstrates the growing demand for premium properties and our ability to deliver world-class developments in collaboration with global luxury brands. With a strong revenue backlog, robust project pipeline, and a strategic landbank, we are exceptionally well-positioned to drive sustainable growth that creates long-term value for our stakeholders."
CEO of Binghatti Holding Ltd., Katralnada A. Binghatti, added: "The Company's record sales in 2024 of AED 11.6 billion is testament to the relationships our teams have built and the trust our clients place in us. Our commitment to innovation and quality continues to define our success in one of the world's most competitive real estate markets. Our growing landbank of prime development land underscores our ambition to shape the future of luxury urban living in Dubai. We remain committed to setting new industry benchmarks, driving profitability, and delivering unparalleled value.'
The Company's USD 500 million sukuk is listed on the London Stock Exchange and Nasdaq Dubai.
-Ends-
For more information, please contact:
Mahmoud Kassem
Brunswick
mkassem@brunswickgroup.com
About Binghatti:
Binghatti Developers is a renowned Emirati brand in the real estate development sector, holding a leading position with a portfolio exceeding 70 projects valued at over 40 billion AED. The company is led by Chairman Muhammad Binghatti, whose innovative vision aims to deliver luxurious projects that reflect refined artistic taste and high standards in design and quality.
Binghatti has successfully delivered over 15,000 residential units as of 2024, achieving remarkable milestones in collaboration with global brands such as Bugatti, Mercedes-Benz, and Jacob & Co. The company continues to expand its real estate portfolio to meet the growing market demands, focusing on delivering residential projects that elevate the level of luxury in Dubai.
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