RAK Properties more than doubles revenues on back of new residential launches

RAK Properties more than doubles revenues on back of new residential launches

- Net profit at AED 44.60 million, increase of 46%

- The developer is seeking to capitalise on rising demand for real estate in the emirate

RAK Properties PJSC (ADX: RAKPROP), a UAE real estate development company, today released its 2023 first quarter consolidated financial results. Revenue growth of 141 per cent was driven by strong customer demand for new project launches in Abu Dhabi and Ras Al Khaimah and handover of residential developments to owners. The company’s hospitality assets have also added significant value to revenue streams, strengthened the balance sheet and driven the appeal of Mina Al Arab as a lifestyle destination in Ras Al Khaimah.

Q1 2023 key financial highlights:

- Revenue for the period of AED 258.58 million (AED 107.25 million for the same period last year)

- Net Profit for the period of AED 44.60 million (AED 30.48 million for the same period last year)

- Total comprehensive income for the period amounted to AED 44.60 million (AED 30.92 million for the same period last year)

Key financial highlights:

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Details

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Q1 FY2023 (AED MN)

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Q1 FY2022 (AED MN)

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Change y-o-y (%)

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Revenue

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258.58

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107.25

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141%

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Gross profit

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82.90

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32.79

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153%

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EBITDA

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65.67

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