The growth was fueled by high demand for luxury properties in Dubai and the successful launch of new projects, driving the company’s highest-ever sales.
Binghatti Holding Reports Record-Breaking Financial Performance in 2024
Dubai-based luxury real estate developer Binghatti Holding has announced remarkable financial growth in 2024, with net profit attributable to shareholders skyrocketing by 152% to an all-time high of AED 1.83 billion, a significant increase from AED 0.73 billion in 2023. This impressive surge was primarily driven by a strong demand for luxury properties in Dubai, along with the successful launch of multiple high-end projects, marking the highest sales figures in the company’s history.
The company recorded total sales of AED 11.6 billion, leading to an almost 200% jump in revenue, reaching AED 6.3 billion. This milestone highlights Binghatti’s unwavering dedication to operational excellence and its dominant presence in Dubai’s luxury real estate sector.
Throughout 2024, Binghatti significantly expanded its property portfolio, resulting in a 182% rise in revenue backlog, which reached approximately AED 10 billion as of December 31, 2024, compared to AED 3.4 billion the previous year. This remarkable increase was fueled by the launch of 16 new projects, collectively introducing 11,750 units into the market. Simultaneously, the company successfully delivered 3,700 units across 10 projects, further demonstrating its strong execution capabilities.
Binghatti’s high-end real estate portfolio features collaborations with globally renowned luxury brands such as Mercedes-Benz, Bugatti, and Jacob & Co. Among its distinguished clientele are world-famous figures, including Brazilian football star Neymar Junior and celebrated opera singer Andrea Bocelli.
Looking toward the future, the company’s growth is set to accelerate with the acquisition of over 13 million square feet of prime development land in Dubai, with a projected total development value exceeding AED 26 billion.
Muhammad Binghatti, Chairman of Binghatti Holding Ltd., commented on the company’s success, stating, “2024 has been a landmark year for Binghatti, and our outstanding financial results highlight our strengthened position in Dubai’s luxury real estate market. This record-breaking performance is a testament to the rising demand for premium properties and our capability to deliver world-class developments in collaboration with global luxury brands. With a strong revenue backlog, a robust project pipeline, and a strategic landbank, we are well-positioned to drive sustainable growth and create long-term value for our stakeholders.”
Additionally, Binghatti’s USD $500 million sukuk is currently listed on both the London Stock Exchange and Nasdaq Dubai, further reinforcing the company’s strong financial standing.
