RAK Properties posts record revenue, net profit in 2023
RAS AL KHAIMAH, February 13, 2024
RAK Properties, a leading property developer in UAE, has recorded solid revenue for FY2023 which soared to AED 1.04 billion ($283 million), thus signalling a meteoric rise from the previous year's figure of AED408.22 million ($111 million).
Announcing the results for 12-month period ended December 31, 2023, RAK Properties said the landmark year had seen the company shatter previous records, with significant growth in net profit that propelled to AED201.82 million, a substantial rise from AED 30.79 million in the prior year.
The group's total comprehensive income rose to AED181.98 million, up from AED20.97 million, while its total assets grew to AED6.46 billion, while total equity reached AED4.3 billion, demonstrating the company's enduring strength and growth.
Development achievements for FY2023 include the full sell-out of high-profile residential projects such as Julphar Residence, Bay Residence Phases 1 and 2, and several others.
RAK Properties also fortified its hospitality segment, celebrating the success of the Intercontinental Ras Al Khaimah Mina Al Arab Resort and SPA and the inauguration of the Anantara Mina Al Arab Hotel and Resort.
On the solid performance, CEO Sameh Muhtadi said: "2023 has been a year of ‘take-off’ for RAK Properties, where our advance was marked by a strategic rebranding and a stellar financial performance. Our unwavering commitment to excellence and strategic growth initiatives have placed us at the forefront of Ras Al Khaimah's luxury lifestyle offerings."
"The overwhelming success in residential sales and the acclaim of our hospitality properties are a testament to our brand's strength and market resonance," he stated.
On its future outlook, Muhtadi said: "Looking forward, we remain committed to bringing luxury living to RAK—defining high standards and delighting customers with more than they desire. Our strategy of masterplan-led development and the unique mix of comfort, convenience, glamour, and entertainment that we offer is a blueprint for the emirate."
"We will continue to actively pursue strategic partnerships with renowned brands while scouting for new land acquisitions to fuel future development projects, and an expansion of our luxury offerings," he stated.
"The year ahead promises continued strategic expansion, with the joint venture with Ellington Properties and the introduction of the Nikki Beach Resort set to enrich the company's luxury offerings and enhance the allure of Mina Al Arab," he added.-TradeArabia News Service
