UAE: RAK Properties hit Dh201.82 million net profit in 2023, shatter previous records

On the other hand, the total comprehensive income rose to Dh181.98 million, an increase from Dh20.97 million

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Issac John

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Published: Tue 13 Feb 2024, 4:59 PM

Last updated: Tue 13 Feb 2024, 5:16 PM

RAK Properties reported on Tuesday 2023 a remarkable jump in net profit for 2023, making it a year of ‘take-off’ for the listed real estate company.

Disclosing the exceptional financial performance, the developer said “the landmark year has seen the company shatter previous records, with significant growth in revenue and net profit, signalling a vigorous demand for its property and hospitality ventures.”

While the net profit propelled to Dh201.82 million, a substantial rise from Dh30.79 million in the prior year, the total comprehensive income rose to Dh181.98 million, an increase from Dh20.97 million. Revenue soared to Dh1004.89 million, signalling a meteoric rise from the previous year's Dh408.22 million, RAK Properties said in a statement.

Total assets grew to Dh6.46 billion, while total equity reached Dh4.30 billion, demonstrating the company's enduring strength and growth.

Sameh Muhtadi, CEO of RAK Properties, 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.”

The CEO said the company’s unwavering commitment to excellence and strategic growth initiatives have placed it 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.”

“Looking forward, we remain committed to bringing luxury living to RAK — defining high standards and delighting customers with more than they desire,” Muhtadi said. “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.”

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, the statement said.

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.

In 2023, RAK Properties experienced a surge in demand for its developments Ras Al Khaimah and Abu Dhabi, which combined with the strong performance of its hospitality offering, highlights sizable market attraction to the company's portfolio.

The company said the launch and sale of all 266 apartments in Julphar Residence on Reem Island, Abu Dhabi, were met with an overwhelmingly positive market response, successfully selling out. Construction is on schedule for the two beachfront residential towers of Bay Residence Phase 1 on Hayat Island in Mina Al Arab, Ras Al Khaimah and both have been fully sold out, said the statement.

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