RAK Properties recorded remarkable growth across metrics, including a 30% year-on-year increase in revenue to AED891 million
Staff Writer, WAM (Emirates News Agency)
RAK Properties (ADX: RAKPROP), Ras Al Khaimah’s leading publicly listed property developer, has released its consolidated financial results for the third quarter of 2024, showcasing consistent financial growth and strategic advancements.
RAK Properties recorded remarkable growth across metrics, including a 30% year-on-year increase in revenue to AED891 million. This growth is a testament to the successful execution of the company’s strategic vision for Mina Al Arab RAK and the diverse appeal of its project portfolio across residential, commercial, and hospitality projects, which continue to attract robust interest from both investors and end-users.
The increase in profit before tax and gross profit, both by 27% and 46% respectively compared to last year, reflects RAK Properties’ operational efficiencies, as well as its continued progress across all projects and investment in development pipeline to cater to Ras Al Khaimah’s growing market demand.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, “Our third quarter results reaffirm the strength of our business model and the effectiveness of our strategic vision. We take pride in maintaining this growth trajectory, which reflects the dedication and efforts of our team in positioning Ras Al Khaimah as a premier destination. We remain confident in our capacity to adapt to market dynamics and capitalise on emerging opportunities, while collaborating closely with the Government of Ras Al Khaimah to enhance the quality of life within the Emirate. We are deeply committed to our shareholders, partners, and customers, and we extend our gratitude for their continued trust and support.”
Sameh Muhtadi, CEO of RAK Properties, commented, “We are pleased to report strong growth across key financial metrics in the third quarter of 2024. This success is driven by continued progress across our portfolio, enhanced operational efficiencies, and the growing appeal of Ras Al Khaimah’s market, highlighting the strength of our brand and diverse offerings. As the leading community developer in the Emirate, we are committed to delivering projects that exemplify the highest standards of urban island living, as demonstrated by our flagship Mina Al Arab development. Looking ahead, we will remain focused on delivering exceptional value to our stakeholders and enhancing our community offerings.”
Financial highlights:
In Q3 2024, the company achieved robust financial growth, with revenue rising by 30% to AED891 million compared to AED686 million in Q3 2023.
Profit before tax saw a 27% increase, reaching AED133 million from AED105 million in the same period last year.
Total assets grew by 20%, standing at AED7.74 billion as of Q3 2024, up from AED6.46 billion at the end of 2023. Additionally, total equity increased to AED5.34 billion, compared to AED4.30 billion as of December 31, 2023.
