Binghatti Holding delivers record revenue of $1.72bn as sales double
Riding on high demand for luxury properties and the successful launch of new projects, Binghatti Holding announced it has achieved the highest-ever sales for a financial year of AED 11.6 billion ($3.16 billion), an increase of 161 per cent in 2024.
Total revenue surged almost 200 per cent to AED 6.3 billion ($1.72 billion) in 2024, while net profit attributable to shareholders was up 152 per cent to a record AED 1.83 billion ($500 million), compared to AED 730 million ($198.8 million) in 2024.
In 2024, the company significantly expanded its property portfolio, leading to an 182 per cent increase in its revenue backlog to approximately AED 10 billion ($2.72 billion) as of December 31, 2024. That figure stood at AED 3.4 billion ($930 million) in 2023.
The 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.
Muhammad Binghatti, Chairman of Binghatti Holding, commented: 'The year 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.'
Binghatti continued to attract attention in the market with its high-end and branded real estate collaborations, featuring renowned luxury brands such as Mercedes Benz, Bugatti, and Jacob & Co. Its clientele through the year included celebrities such as the Brazilian football star Neymar Junior and opera singer Andrea Bocelli.
The company expected the growth to continue, having acquired over 13 million square feet of prime development land in Dubai, with an estimated future total development value exceeding AED 26 billion ($7.08 billion).
Katralnada A Binghatti, the CEO of Binghatti Holding, added: 'The company's record sales in 2024 of AED 11.6 billion is a 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.'
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