RAK Properties revenue up 141% in Q1 2023 at Dh258.58 million

RAK Properties revenue up 141% in Q1 2023 at Dh258.58 million

Real estate development company RAK Properties reported a 141 per cent growth in revenue in the first quarter of 2023 at Dh258.58 million, compared to Dh107.25 million in the same period last year. Revenue 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 and strengthened the balance sheet. Net profit for the period stood at Dh44.60 million compared to Dh30.48 million in the year-ago period, up over 40 per cent. Sameh Al Muhtadi, CEO of RAK Properties, said: “This set of results signals the beginning of a new phase of growth driven by our re-envisioned development pipeline. Sales from our launch of 679 units in Q1 have been driven by enthusiastic demand from end-users locally and international investors. “We have a very exciting period coming up, with further new launches in Q2 and the second half of the year. Our primary focus is on introducing new residential developments, forging partnerships that enrich our communities and focus on transformation projects within existing locations throughout the emirate of RAK. We remain committed to pursuing growth