Binghatti Holding Limited posted revenue of AED 14,888,567,626 for the nine months ended September 30, 2026, up from AED 8,960,422,349 in the same period a year earlier.
Net profit before tax came in at AED 4,744,540,608, against AED 2,902,508,956 for the nine months to September 2025. After a tax charge of AED 351,837,535, the group recorded profit of AED 4,392,703,073.
Gross profit for the period was AED 6,415,747,558, compared with AED 3,951,536,312 a year earlier. Selling, general and administrative expenses rose sharply to AED 1,436,955,803 from AED 863,640,075, and finance costs more than doubled to AED 817,753,714 from AED 302,777,171. A fair value gain on financial investments of AED 433,937,167 contributed to the bottom line; there was no comparable gain in the prior period.
The vast majority of revenue came from the sale of development properties, which accounted for AED 14,818,384,464 of the total. All revenue was generated in the UAE.
The group’s balance sheet grew substantially over the period. Total assets stood at AED 35,502,878,594 as at 30 September 2026, up from AED 24,367,665,085 at the end of 2025. Total equity rose to AED 11,172,232,060 from AED 6,779,528,987. Cash and cash equivalents for cash-flow purposes were AED 10,920,036,896, against AED 3,358,231,980 at year-end 2025.
Land under development expanded significantly. Development properties totalled AED 12,242,962,059, up from AED 7,039,961,303 at end-2025, with land parcels held for future projects accounting for AED 6.3 billion of that figure. During the period the group signed a further land purchase agreement worth AED 4.6 billion, with AED 2.9 billion still outstanding as of the reporting date.
Debt also climbed. Total loans and borrowings reached AED 12,206,833,693, against AED 8,258,337,788 at end-2025. Sukuk payable stood at AED 7,254,443,845, reflecting three separate issuances of USD 500 million each in August 2025, October 2025, and February 2026, in addition to an earlier USD 500 million issuance across 2024. The February 2026 issuance carries a profit rate of 8.375% per annum and matures in August 2031.
The group’s pipeline of contracted but unrecognised revenue stood at AED 16.4 billion as at September 30, 2026, expected to convert over one to three years. Capital commitments for projects under construction were AED 7.5 billion.
Capital commitments aside, the financials flag a number of related-party transactions. The group sold AED 720 million in development properties to related parties during the period, split between AED 540 million to key management personnel and AED 180 million to the sole shareholder, Dr. Hussain Ghati Ghaib Al Jbori. Key management compensation for the nine months was AED 129,645,357, more than four times the AED 31,357,359 paid in the equivalent period of 2025.
Among new entities formed during the period was Advanced Virtual Assets L.L.C., incorporated in 2026 and licensed for virtual assets broker and dealer services.
The financials were reviewed by Deloitte and Touche (M.E.), whose report, dated November 10, 2026, raised no material concerns. Management noted the ongoing regional geopolitical situation as a source of uncertainty but said no operational disruptions had been identified as of the reporting date.
