RAK Properties net profit up 32 per cent to Dhs280m

RAK Properties, Ras Al Khaimah’s leading publicly listed property developer, has announced its consolidated financial results for 2024, highlighting strong growth and strategic advancements that set the stage for transformational expansion in 2025.

RAK Properties recorded a 40 per cent year-on-year (YoY) revenue increase, reaching Dhs1.4 billion, up from Dhs1 billion in 2023.

Profit before tax surged 52 per cent to Dhs308 million compared to Dhs202 million in the previous year, while net profit rose 32 per cent to Dhs280 million.

Total assets grew by 24 per cent to AED8.01 billion as of 31st December 2024, up from Dhs6.46 billion at the end of 2023, with total equity reaching Dhs5.53 billion. Strong sales across residential, commercial, and hospitality projects, alongside disciplined cost management, contributed to this growth.

Recurring revenue from hospitality, retail, and leasing assets added Dhs261 million, reinforcing financial stability and long-term profitability.

Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, “RAK Properties has delivered another outstanding year of financial growth, reflecting the strength of our vision and stakeholder confidence. Our robust balance sheet and performance highlight the continued demand for high-quality developments in Ras Al Khaimah and our ability to anticipate market needs.”

“As we enter 2025, we are embarking on a transformative phase, led by the unveiling of the Mina masterplan - Ras Al Khaimah’s most sought-after island living community.”