.png "https://thebusinessfrontier.com/")
The real estate developer reports a gross profit of $62.1 million
August 09, 2024 | Staff Reporter | UAE | Developers
In the first half of 2024, RAK Properties continued to see strong demand and performance across its residential and hospitality portfolio of projects. The real estate firm’s revenue grew 19% to AED 610 million ($166.1 million) for the first half of 2024 following strong demand for its diverse property portfolio of residential, commercial, and hospitality projects.
Profit before tax also rose 11% to AED 98 million ($26.7 million). Gross profit increased 40% year-on-year to AED 228 million ($62.1 million), compared to AED 163 million ($44.4 million) in the same period last year.
Total assets stood at AED7.79 billion ($2.12 billion) in H1 2024, up from AED6.46 billion ($1.76 billion) at the end of the previous year. During the period, the Government of Ras Al Khaimah increased its stake in the company to 34%.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, 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.”
“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.”
Sameh Muhtadi, CEO of RAK Properties
Sameh Muhtadi, CEO of RAK Properties, commented, “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. Our outlook remains bright, underpinned by the solid fundamentals of Ras Al Khaimah.”
