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Binghatti Holding Reports Record-Breaking Growth in 2024, Net Profit Surges 152%

Binghatti Holding Reports Record-Breaking Growth in 2024, Net Profit Surges 152% Binghatti Holding has achieved a remarkable financial milestone in 2024, reporting its highest-ever sales revenue and significant expansion in project developments. The company's net profit soared by 152% to $500 million, while its revenue backlog nearly tripled to $2.72 billion, fueled by rising demand for luxury real estate and the launch of 16 new projects. Record Sales and Profit Growth Binghatti Holding recorded its largest fiscal year sales of AED 11.6 billion ($3.16 billion) in 2024, marking a 161% increase from the previous year. Total sales surged nearly 200%, reaching AED 6.3 billion ($1.72 billion). Net profit attributable to shareholders climbed to AED 1.83 billion ($500 million), compared to AED 730 million ($198.8 million) in 2023. The company s real estate portfolio expansion played a key role in these figures, contributing to an 182% rise in revenue backlog, reaching approximately AED 10 billion ($2.72 billion) by year-end. Expansion and Project Deliveries In 2024, Binghatti introduced 16 new projects, adding a total of 11,750 residential units to Dubai s luxury real estate market. Additionally, the company successfully delivered 3,700 units across ten projects, reinforcing its strong execution capabilities and commitment to timely project completion. Luxury Real Estate & Strategic Growth Chairman Muhammad Binghatti highlighted 2024 as a transformational year for the company, reinforcing its dominance in Dubai s premium property sector. Our record-breaking performance reflects the increasing demand for high-end properties and our ability to execute world-class developments in partnership with global luxury brands. With a strong revenue backlog, a robust pipeline of projects, and a strategic landbank, we are well-positioned for sustainable growth and long-term value creation for stakeholders. Binghatti s collaborations with globally recognized luxury brands, including Mercedes-Benz, Bugatti, and Jacob & Co., continued to gain traction. The brand's exclusive clientele included notable celebrities such as Brazilian footballer Neymar Junior and opera singer Andrea Bocelli. Future Expansion & Market Positioning Binghatti Holding has secured over 13 million square feet of prime development land in Dubai, reinforcing its commitment to shaping the future of luxury urban living. With an estimated total future development value exceeding AED 26 billion ($7.08 billion), the company remains focused on expanding its footprint in Dubai s competitive real estate market. CEO Katralnada A Binghatti emphasized: Achieving record sales of AED 11.6 billion in 2024 is a testament to our team's dedication and the trust our clients have in us. Our focus on innovation and excellence continues to define our success in the luxury real estate market. With over 70 active projects valued at more than AED 40 billion, Binghatti is set to redefine industry benchmarks while driving sustained profitability. Conclusion: A Dominant Force in Luxury Real Estate Binghatti Holding s unprecedented growth in sales, profitability, and project expansion cements its leading position in Dubai s high-end real estate market. With an expanding landbank, strategic brand partnerships, and a growing luxury property portfolio, the company is poised for continued success and long-term market dominance.