RAK Properties reported a 40 percent annual revenue increase in 2024, reaching AED1.4 billion ($381.18 million), up from AED1 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 December 31, 2024.
“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,” stated Abdulaziz Abdullah Al Zaabi, chairman of RAK Properties.
Net profit grows 39 percent to AED281 million
The company’s profit before tax increased by 52 percent to AED308 million, up from AED202 million in 2023. Meanwhile, net profit grew by 39 percent to AED281 million, compared to AED202 million the previous year.
RAK Properties’ total assets grew 24 percent to AED8.01 billion last year, compared to AED6.46 billion at the end of 2023, which was supported by a land contribution from the strategic shareholder, the Government of Ras Al Khaimah. Meanwhile, total equity saw significant growth, reaching AED5.53 billion, up from AED4.30 billion at the end of the previous year.
“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, accelerate new projects, enhance asset value, and capitalize on opportunities across Ras Al Khaimah,” noted Sameh Muhtadi, CEO of RAK Properties.
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Company to reinvest in high-growth opportunities
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 capitalizing on Ras Al Khaimah’s dynamic real estate landscape.
Rather than issuing dividends this year, the company is prioritizing 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.
