emirates7 - RAK Properties reported a 40% year-on-year increase in revenue for 2024, reaching AED1.4 billion, up from AED1 billion in 2023.
This announcement was made during the company's Annual General Meeting on Thursday, where shareholders approved all agenda items, including the financial statements for the year ending 31st December 2024.
The company saw a 52% increase in profit before tax, rising to AED308 million from AED202 million in 2023. Net profit grew by 39%, reaching AED281 million, compared to AED202 million the previous year.
Total assets grew by 24% to AED8.01 billion as of 31st December 2024, up from AED6.46 billion at the end of 2023, largely supported by a land contribution from Ras Al Khaimah's Government.
Total equity also showed significant growth, increasing to AED5.53 billion, up from AED4.30 billion the previous year.
Shareholders reaffirmed RAK Properties' commitment to long-term value creation, with a focus on reinvesting profits into accelerating project development, enhancing asset value, and leveraging Ras Al Khaimah's dynamic real estate market.
Instead of issuing dividends, the company has opted to reinvest in high-growth opportunities that will generate sustainable returns and strengthen its market position over the next decade.
This strategic approach, supported by the Government of Ras Al Khaimah, ensures financial stability and the ability to scale large-scale projects, such as the Mina masterplan, ensuring RAK Properties continues to deliver outstanding communities and long-term shareholder value.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, "RAK Properties has once again achieved exceptional financial growth, showcasing the strength of our vision and the confidence in Ras Al Khaimah as a growing hub for investment, tourism, and sustainable urban development. As Ras Al Khaimah expands across key sectors, RAK Properties is committed to playing a leading role in shaping its future."
Sameh Muhtadi, CEO of RAK Properties, added, "Our disciplined approach has led to outstanding financial results, reinforcing the strong market demand for our projects. These record results enable us to reinvest in growth, accelerate new projects, enhance asset value, and capitalize on opportunities in Ras Al Khaimah."
This announcement was made during the company's Annual General Meeting on Thursday, where shareholders approved all agenda items, including the financial statements for the year ending 31st December 2024.
The company saw a 52% increase in profit before tax, rising to AED308 million from AED202 million in 2023. Net profit grew by 39%, reaching AED281 million, compared to AED202 million the previous year.
Total assets grew by 24% to AED8.01 billion as of 31st December 2024, up from AED6.46 billion at the end of 2023, largely supported by a land contribution from Ras Al Khaimah's Government.
Total equity also showed significant growth, increasing to AED5.53 billion, up from AED4.30 billion the previous year.
Shareholders reaffirmed RAK Properties' commitment to long-term value creation, with a focus on reinvesting profits into accelerating project development, enhancing asset value, and leveraging Ras Al Khaimah's dynamic real estate market.
Instead of issuing dividends, the company has opted to reinvest in high-growth opportunities that will generate sustainable returns and strengthen its market position over the next decade.
This strategic approach, supported by the Government of Ras Al Khaimah, ensures financial stability and the ability to scale large-scale projects, such as the Mina masterplan, ensuring RAK Properties continues to deliver outstanding communities and long-term shareholder value.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, "RAK Properties has once again achieved exceptional financial growth, showcasing the strength of our vision and the confidence in Ras Al Khaimah as a growing hub for investment, tourism, and sustainable urban development. As Ras Al Khaimah expands across key sectors, RAK Properties is committed to playing a leading role in shaping its future."
Sameh Muhtadi, CEO of RAK Properties, added, "Our disciplined approach has led to outstanding financial results, reinforcing the strong market demand for our projects. These record results enable us to reinvest in growth, accelerate new projects, enhance asset value, and capitalize on opportunities in Ras Al Khaimah."