In a year marked by 16 new project launches, net profit soared 152% to $500 million, while the revenue backlog tripled to $2.72 billion.
Driven by strong demand for luxury properties and successful project launches, Binghatti Holding reported its highest-ever annual sales, reaching AED 11.6 billion ($3.16 billion) in 2024—an increase of 161%.
Total revenue surged nearly 200% to AED 6.3 billion ($1.72 billion) in 2024, while net profit attributable to shareholders rose 152% to a record AED 1.83 billion ($500 million), compared to AED 730 million ($198.8 million) in 2023.
With a significant expansion in its property portfolio, the company saw its revenue backlog grow 182% to approximately AED 10 billion ($2.72 billion) by December 31, 2024, up from AED 3.4 billion ($930 million) in 2023.
This growth was fueled by the launch of 16 new projects, introducing 11,750 units to the market. Additionally, 3,700 units across 10 projects were successfully delivered, highlighting the company’s strong execution capabilities.
Muhammad Binghatti, Chairman of Binghatti Holding, stated: “The year 2024 has been transformational for the company, with our record-breaking financial performance reinforcing our leadership in Dubai’s luxury real estate sector.
“Our success reflects the increasing demand for premium properties and our expertise in delivering world-class developments in collaboration with leading luxury brands. With a strong revenue backlog, a robust project pipeline, and a strategic landbank, we are well-positioned for sustainable long-term growth.”
Binghatti continued making waves in the market with its branded real estate partnerships, working with iconic luxury names like Mercedes-Benz, Bugatti, and Jacob & Co. The company’s clientele included high-profile figures such as Brazilian footballer Neymar Junior and opera singer Andrea Bocelli.
Looking ahead, the company expects sustained growth, having secured over 13 million square feet of prime development land in Dubai, with an estimated future development value exceeding AED 26 billion ($7.08 billion).
Katralnada A. Binghatti, CEO of Binghatti Holding, added: “Our record-breaking 2024 sales of AED 11.6 billion highlight the strong relationships we have built and the trust our clients place in us. Our unwavering commitment to innovation and quality continues to drive success in one of the world’s most competitive real estate markets.
“With a growing landbank of prime locations, we are shaping the future of luxury urban living in Dubai. Our focus remains on setting new industry benchmarks, driving profitability, and delivering exceptional value.”
Binghatti Developers currently manage a portfolio exceeding 70 projects valued at over AED 40 billion.
