RAK Properties reports record 40% revenue growth in 2024
- 5 hours ago
RAK Properties reported a 40 per cent year-on-year revenue increase in 2024, reaching Dhs1.4 billion, up from Dhs1 billion in 2023.
The announcement came during the company’s Annual General Meeting on Thursday, where shareholders approved all agenda items, including the company’s financial statements for the full year ended 31st December 2024.
The company’s profit before tax increased by 52 per cent to Dhs308 million, up from Dhs202 million in 2023. Net profit grew by 39 per cent to Dhs281 million, compared to Dhs202 million the previous year.
Total assets increased by 24 per cent to Dhs8.01 billion as of 31st December 2024, compared to Dhs6.46 billion at the end of 2023, which was supported by a land contribution from the strategic shareholder, the Government of Ras Al Khaimah.
Total equity also saw significant growth, reaching Dhs5.53 billion, up from Dhs4.30 billion at the end of the previous year.
The shareholders reaffirmed RAK Properties’ commitment to long-term value creation, with a strategic decision to reinvest profits into accelerating project development, enhancing asset value, and capitalising 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 will drive sustainable returns and strengthen its market position over the coming decade.
This forward-looking approach, reinforced by the strategic support of the Government of Ras Al Khaimah, provides financial stability and the capacity to scale large-scale projects, including the flagship Mina masterplan, ensuring RAK Properties continues to deliver exceptional communities and long-term shareholder value.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said, “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. As Ras Al Khaimah continues to experience significant expansion across key sectors, RAK Properties remains committed to playing a pivotal role in shaping its future.”
Sameh Muhtadi, CEO of RAK Properties, commented, “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.”
WAM
