Binghatti profit up 65 per cent to AED 4.4 billion as 6,400 homes near handover

Binghatti Holding, the Dubai developer behind Bugatti Residences, reported net profit of AED 4.4 billion for the nine months to 30 September 2026, up 65 per cent from AED 2.66 billion a year earlier, on revenue of AED 14.9 billion, up 66 per cent, in results published on 12 November 2026. Sales rose a more modest 11 per cent to AED 14.2 billion. For a buyer the pipeline matters more than the profit: eight projects with about 6,400 homes are due to complete before the end of 2026, a concentrated wave of finished Binghatti apartments in Business Bay, Jumeirah Village Circle and Al Jaddaf this quarter.

What the results say

The nine month net profit already exceeds the AED 3.6 billion the company earned in the whole of 2025, per the results announcement of 12 November 2026 as reproduced by Business Today Middle East. Gross profit rose 62 per cent to AED 6.42 billion and EBITDA 74 per cent to AED 5.72 billion. Total equity reached AED 11.2 billion from AED 6.8 billion at the end of 2025, and total assets AED 35.5 billion, up 46 per cent since the year began.

Sales tell a slower story. Nine month sales of AED 14.2 billion compare with AED 12.8 billion a year earlier, and third quarter sales rose 7 per cent to AED 4.6 billion, TradeArabia reported on 12 November 2026. Revenue, which in a Dubai off plan project is recognised as construction progresses, grew six times faster than bookings. Chairman Muhammad BinGhatti said: "We build what we sell." Chief executive Katralnada BinGhatti said: "we go into 2027 with clear visibility on the years ahead."

What is being completed

Five projects completed on schedule in the period, Binghatti Apex, Binghatti Ghost, Binghatti Ivory, Binghatti Haven and Binghatti Grove, with about 2,600 homes handed over, per the 12 November 2026 announcement. Eight more projects comprising about 6,400 homes are expected to complete before the end of 2026. The company has not published the list of eight; its own project page for Binghatti Skyrise in Business Bay schedules handover for the fourth quarter of 2026.

Contracted revenue yet to be recognised stood at AED 16.4 billion, to be booked over the next one to three years, and the development backlog at AED 33 billion, per the company's investor relations page. Receivables of AED 4.7 billion are expected to be collected largely on handover. Total sellable area rose from 2.4 million square feet in December 2025 to 14.6 million square feet in September 2026, and the company launched 12 projects in the nine months, including its first villa community, Tilal Binghatti, and its first master planned development, Binghatti City, Khaleej Times reported on 12 November 2026.

How the balance sheet stands

Cash and bank balances including escrow were AED 12.4 billion at 30 September 2026, up 40 per cent since the year began, per the announcement, exceeding borrowings of AED 12.2 billion. Gross debt to equity was 1.1 times and EBITDA covered net finance costs 7.4 times. Operating cash before working capital was AED 5.4 billion, of which AED 4.9 billion was reinvested in land and construction, leaving net operating cash flow at about breakeven.

The company issued a USD 500 million sukuk in February 2026 and says it will repay it in full at maturity in February 2027 from internally generated cash; corporate cash of AED 2.7 billion at 30 September 2026 was about 1.5 times the amount due. Chief financial officer Shehzad Janab described debt as "increasing at a measured and manageable pace."

What it means for investors

First, the handover wave is the fact to act on. About 6,400 Binghatti homes are due before 31 December 2026 from a company whose completions this year sit in Al Jaddaf and Jumeirah Village Circle and whose metro served communities, per the announcement, include Business Bay, Nad Al Sheba and Dubai Silicon Oasis. A buyer who wants a completed apartment in those districts will have more choice in the first quarter of 2027, and an owner letting there should expect new supply beside them. Our guides to Business Bay, Jumeirah Village Circle and Al Jaddaf cover each district, and our report on Dubai Islands' first handovers explains how to read a handover notice.

Second, the sales figure is the one to weigh against the market. Binghatti's third quarter sales rose 7 per cent to AED 4.6 billion, while Dubai as a whole recorded 6,579 off plan sales worth AED 16.7 billion in October 2026, flat on September, per Property Finder's analysis of Land Department data reported by Arabian Business on 9 November 2026. Neither figure says anything about resale values or future prices; our report on October's sales has the detail.

Third, the Metro claim is the company's framing. It says 55 per cent of its completed and under development homes sit in communities the Blue Line, due in 2029, and the Gold Line, planned for 2032, will serve; a buyer should ask which station serves a specific building and how far it is on foot. Our report on the AED 2 billion Metro extension approved on 10 November 2026 covers the network plan.

Fourth, for a buyer in the United States, Canada or Latin America, the dirham is pegged at AED 3.6725 to the US dollar, so a completed Binghatti apartment carries no currency risk against the dollar. Freddie Mac put the average US 30 year fixed mortgage at 7.18 per cent on 5 November 2026, against 6.22 per cent a year earlier. The Central Bank of the UAE caps an expatriate's investment property loan at 60 per cent of value and an off plan purchase at 50 per cent under Circular 31/2013, and each bank sets its own non resident terms within those limits, so the completed stock arriving this quarter can carry more debt than a 2027 launch. Owners in the United States and Canada report income from foreign property at home; confirm the rules with an adviser. Our non resident mortgage page lists the documents banks ask for, and our US investors page covers the basics.

What to watch

The full year results in early 2027 will show whether all eight projects completed and the 6,400 homes were handed over. The February 2027 sukuk repayment will test the cash the company reports today. Fourth quarter sales will show whether the 7 per cent third quarter growth held. Castilion Estates presents Binghatti projects in Business Bay and Al Jaddaf; ask us for the handover notice date of a specific building before relying on a schedule.