RAK Properties, a leading property developer in Ras Al Khaimah, has delivered strong financial results for the first half of the year with revenue of AED610 million ($166 million), up 19% over AED 512 million ($139 million) last year, thus showcasing sustained financial growth and strategic progress. 

 

This growth was mainly driven by strong demand for RAK Properties' diverse property portfolio of residential, commercial, and hospitality projects, particularly the ongoing success of its flagship developments in Mina Al Arab, said the Emirati developer, while releasing its consolidated financial results for the first half of 2024. 

 

Profit before tax also demonstrated healthy growth, rising 11% to AED 98 million from last year's figure of AED88 million, thus reflecting the company's continued investment in its development pipeline to cater to the dynamic market demands.

 

According to RAK Properties, its gross profit increased to AED228 million, thus registering a 40% growth compared to AED163 million in the same period last year.

 

Total assets stood at AED7.79 billion as of H1 2024, up from AED 6.46 billion at the end of the previous year, while the total equity stood at AED5.31 billion as of H1 2024, compared to AED4.3 billion at the end of the previous year.

 

On the H1 results, Chairman Abdulaziz Abdullah Al Zaabi said: "We are proud to report a solid performance in the first half of 2024, reflecting the dedication of our team, the resilience of our business model and the burgeoning real estate landscape in Ras Al Khaimah and the wider UAE."

 

"The Government of Ras Al Khaimah's increased stake in the company to 34% in June also demonstrates clear confidence in our strategic vision and growth trajectory. We remain committed to creating exceptional value for our shareholders and contributing to the continued growth of Ras Al Khaimah," he stated.

 

On the robust growth, CEO Sameh Muhtadi said: "The first half of 2024 has seen sustained growth for RAK Properties, driven by strong demand across our diverse property portfolio, reinforcing our leadership in the real estate market."

 

"The growing global interest in our properties, coupled with the strong performance of our hospitality assets, is a testament to the strength of our brand and the dynamic growth of Ras Al Khaimah. With exciting new projects underway and a robust pipeline of future developments, we are confident in our ability to continue delivering revenue growth. This momentum is further amplified by the increased stake from the Government of Ras Al Khaimah and our proactive approach to emerging market opportunities," stated Muhtadi.

 

"Our outlook remains bright, underpinned by the solid fundamentals of Ras Al Khaimah and our unwavering commitment to excellence and delivering exceptional value to our stakeholders," he added.

-TradeArabia News Service