Binghatti Properties announced in a statement that net profits attributable to shareholders grew by 152% to reach AED 1.83 billion, compared to AED 0.73 billion in 2023. Binghatti Properties recorded total sales of AED 11.6 billion and revenues of AED 6.3 billion, representing an exceptional growth of nearly 200%, confirming the company’s commitment to operational excellence and its growing leadership position in the luxury real estate market in Dubai.
During 2024, the company witnessed a significant expansion in its real estate projects portfolio, resulting in a significant increase in the size of accumulated revenues by 182% to reach nearly AED 10 billion as of December 31, 2024, compared to AED 3.4 billion in 2023.
During the year, 16 new projects were launched, adding 11,750 new units to the market, while 3,700 units were delivered to customers within 10 other previous projects, reflecting the company’s ability to implement projects with high efficiency.
Muhammad Bin Ghati, Chairman of Bin Ghati Holding, said: “Our record financial performance reflects the growing demand for luxury real estate… As the company witnessed a significant increase in its accumulated revenues, the launch of promising future projects, and an increase in its strategic land bank, we will be fully prepared and confident in our capabilities to achieve sustainable growth in our business and create long-term value for our shareholders.” Land Portfolio
Binghatti is confidently looking forward to continuing its growth in the future by acquiring more than 13 million square feet of prime land allocated for real estate development in Dubai, with the total value of its future development projects expected to exceed AED 26 billion.
Qatar Al Nada Binghatti, CEO of the company, said: “Expanding our portfolio of prime land is an important step that embodies our ambition to shape a new future for the luxury urban lifestyle scene in Dubai. We look forward to continuing to work on setting new standards for the real estate sector, improving the profitability of our business, and delivering exceptional value from our projects.” It is noteworthy that the company issued Sukuk worth $500 million on the London Stock Exchange and Nasdaq Dubai.