Binghatti sees net income jump in 2Q

Strong project execution and robust demand pushed Binghatti Holding’s 2Q net income up 55.3% y-o-y to AED 1.54 bn. Revenue for the quarter rose 49% y-o-y to AED 5.11 bn, according to the group’s latest financials (pdf).

In 1H, net income jumped 63.5% y-o-y to almost AED 3 bn, and revenue rose 50.2% y-o-y to AED 9.6 bn, driven by eight new project launches, according to a separate earnings release.

Sales momentum drove 1H growth, with some 1.7k unit deliveries during the six-month period. Binghatti’s development backlog hit AED 44.2 bn by the end of June, while its revenue backlog came in at AED 17.3 bn.