Rak Properties unveils $11.3mln net profits in Q1-24

Gulf Estate Gazette

7 months ago

RAK Properties elevates island living with the unveiling of Quattro Del Mar in Mina Al Arab, Ras Al Khaimah. Image Courtesy: RAK Properties

Rak Properties unveils $11.3mln net profits in Q1-24

Meanwhile, the revenues increased to AED 289.81 million in Q1-24 from AED 258.58 million a year earlier, according to the consolidated financial results

Staff Writer, Mubasher

May 9, 2024

Rak Properties posted lower net profits after tax at AED 41.45 million in the first quarter (Q1) of 2024, compared to AED 44.60 million in Q1-23.

Meanwhile, the revenues increased to AED 289.81 million in Q1-24 from AED 258.58 million a year earlier, according to the consolidated financial results.

Total assets hit AED 6.68 billion as of 31 March 2024, versus AED 6.45 billion at the end of December 2023.

During the 12-month period that ended on 31 December 2023, the ADX-listed firm recorded an annual hike in net profit to AED 201.81 million, compared to AED 30.78 million.