RAK Properties revenue grew 19 percent to AED610 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 percent to AED98 million ($26.7 million). Gross profit increased 40 percent year-on-year to AED228 million ($62.1 million), compared to AED163 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 percent.
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.”
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