RAK Properties Achieves Record 40% Revenue Growth In 2024 With AED1.4 Billion Earnings

RAK Properties has announced a substantial revenue increase of 40% for 2024, reaching AED1.4 billion compared to AED1 billion in 2023. This announcement was made at the company's Annual General Meeting, where shareholders approved the financial statements for the year ending 31st December 2024. The meeting highlighted significant financial growth and strategic plans for future investments.

The company's profit before tax rose by 52%, amounting to AED308 million, up from AED202 million in the previous year. Net profit also saw a rise of 39%, reaching AED281 million compared to AED202 million in 2023. These figures reflect the company's strong financial performance and strategic focus on reinvestment.

Total assets increased by 24%, reaching AED8.01 billion as of the end of 2024, compared to AED6.46 billion at the end of 2023. This growth was supported by a land contribution from the Government of Ras Al Khaimah, a strategic shareholder. Total equity also grew significantly, reaching AED5.53 billion from AED4.30 billion in the previous year.

Shareholders have reaffirmed their commitment to long-term value creation by deciding to reinvest profits into accelerating project development and enhancing asset value. This strategy aims to capitalise on Ras Al Khaimah's dynamic real estate landscape rather than issuing dividends this year.

The company is prioritising reinvestment into high-growth opportunities that promise sustainable returns and strengthen its market position over the next decade. This approach is supported by the strategic backing of the Government of Ras Al Khaimah, ensuring financial stability and capacity for large-scale projects like the flagship Mina masterplan.

Leadership Insights

Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, stated, "RAK Properties has once again delivered an exceptional year of financial growth, reflecting not only the strength of our vision but also the continued confidence in Ras Al Khaimah as a rising hub for investment, tourism, and sustainable urban development."

CEO Sameh Muhtadi added, "Our disciplined approach has yielded exceptional financial results, reinforcing the strong market demand for our projects. These record financial results allow us to reinvest in growth, accelerating new projects, enhancing asset value, and capitalising on opportunities across Ras Al Khaimah."

This forward-looking strategy ensures RAK Properties continues delivering exceptional communities while maintaining long-term shareholder value. The company's focus remains on shaping Ras Al Khaimah's future as it experiences significant expansion across key sectors.

With inputs from WAM