RAK Properties Achieves AED 891 Million Revenue In Third Quarter Of 2024

RAK Properties, listed on the Abu Dhabi Securities Exchange as RAKPROP, has released its financial results for Q3 2024. The company, a key player in Ras Al Khaimah's real estate sector, reported significant growth. Revenue increased by 30% year-on-year, reaching AED891 million. This rise highlights the successful execution of their strategic vision for Mina Al Arab and the broad appeal of their diverse project portfolio.

The company's profit before tax rose by 27%, amounting to AED133 million compared to AED105 million in Q3 2023. Gross profit also saw a substantial increase of 46%. These figures reflect RAK Properties' operational efficiency and ongoing progress across various projects. The company continues to invest in its development pipeline to meet the growing market demand in Ras Al Khaimah.

Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, expressed confidence in their business model and strategic vision. He stated, "Our third quarter results reaffirm the strength of our business model and the effectiveness of our strategic vision." He emphasised their commitment to adapting to market dynamics and seizing emerging opportunities while working closely with the government to enhance life quality in Ras Al Khaimah.

Sameh Muhtadi, CEO of RAK Properties, highlighted the company's strong performance across key financial metrics during Q3 2024. He noted that this success is driven by progress across their portfolio and improved operational efficiencies. Muhtadi stated, "We are pleased to report strong growth across key financial metrics in the third quarter of 2024."

The company's total assets grew by 20%, reaching 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. These figures underscore RAK Properties' robust financial health and strategic advancements.

RAK Properties remains committed to delivering high-quality projects that exemplify urban island living standards through developments like Mina Al Arab. The company aims to continue providing exceptional value to stakeholders while enhancing community offerings within Ras Al Khaimah.

The consistent growth seen in RAK Properties' financial results reflects their dedication to maintaining a strong market position. By focusing on strategic investments and collaborations with local authorities, they aim to further strengthen Ras Al Khaimah's reputation as a premier destination for investors and residents alike.

With inputs from WAM