RAK Properties, Ras Al Khaimah’s leading publicly listed developer, has reported its 2024 financial results, showcasing robust growth and strategic progress that pave the way for significant expansion in 2025.
The company achieved a 40% year-on-year revenue growth, reaching AED 1.4 billion, compared to AED 1 billion in 2023. Profit before tax surged 52% to AED 308 million from AED 202 million, while net profit increased by 32% to AED 280 million.
Total assets rose by 24% to AED 8.01 billion as of 31st December 2024, up from AED 6.46 billion the previous year, with total equity at AED 5.53 billion. This growth was driven by strong sales across residential, commercial, and hospitality segments, supported by effective cost management.
Recurring revenue from hospitality, retail, and leasing assets contributed AED 261 million, reinforcing long-term financial stability.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, stated that the company’s impressive financial performance reflects its strong vision and market confidence. He highlighted the sustained demand for premium developments in Ras Al Khaimah and the firm’s ability to anticipate market trends.
Looking ahead to 2025, the company plans a transformative phase with the launch of the Mina masterplan, a premier island living project. With an AED 5 billion development pipeline and steady recurring revenue, RAK Properties remains committed to attracting investors and enhancing communities.
CEO Sameh Muhtadi noted that after an exceptional 2023, the company focused on strengthening its project pipeline, diversifying offerings, and securing key partnerships, including a collaboration with Four Seasons. The rapid sell-out of Mirasol’s first phase, the inaugural project in Mina, highlights strong market demand.
RAK Properties’ development backlog stands at AED 1.9 billion, ensuring stable future revenues.
