RAK Properties has announced its consolidated financial results for 2024. The company has recorded a 40% year-on-year (YoY) revenue increase, reaching Dhs 1.4bn, up from Dhs 1bn in 2023.
Profit before tax surged 52% to Dhs 308m compared to Dhs 202m in the previous year, while net profit rose 32% to Dhs 280m.
Total assets grew by 24% to AED 8.01bn as of 31 December 2024, up from Dhs 6.46bn at the end of 2023, with total equity reaching Dhs 5.53bn.
Strong sales across residential, commercial and hospitality projects, alongside disciplined cost management, contributed to the company’s growth.
Recurring revenue from hospitality, retail, and leasing assets added Dhs 261m, reinforcing financial stability and long-term profitability.
“RAK Properties has delivered another outstanding year of financial growth, reflecting the strength of our vision and stakeholder confidence.
“Our robust balance sheet and performance highlight the continued demand for high-quality developments in Ras Al Khaimah and our ability to anticipate market needs.”
“As we enter 2025, we are embarking on a transformative phase, led by the unveiling of the Mina masterplan – Ras Al Khaimah’s most sought-after island living community.”
Abdulaziz Abdullah Al Zaabi, Chairman, RAK Properties
