RAK Properties, a leading developer in the northern emirate of Ras Al Khaimah, has reported a 40% year-on-year revenue growth in 2024 which soared to AED1.4 billion ($381 million), up from AED1 billion ($272 million) the previous year.

 

The announcement came during the company's Annual General Meeting today (March 13), where shareholders approved all agenda items, including the company's financial statements for the full year ended December 31, 2024.

 

The Emirati developer said its net profit grew by 39% to AED281 million in 2024 from AED202 million the previous year.

 

Total assets increased by 24% to AED8.01 billion as of December 31, 2024, compared to AED6.46 billion at the end of 2023, which was supported by a land contribution from the strategic shareholder, the Government of Ras Al Khaimah.

 

Total equity also saw significant growth, reaching AED5.53 billion, up from AED4.30 billion at the end of the previous year.

 

The shareholders reaffirmed RAK Properties' commitment to long-term value creation, with a strategic decision to reinvest profits into accelerating project development, enhancing asset value, and capitalising on Ras Al Khaimah's dynamic real estate landscape.

 

Rather than issuing dividends this year, the company is prioritising reinvestment into high-growth opportunities that will drive sustainable returns and strengthen its market position over the coming decade, said the developer.

 

This forward-looking approach, reinforced by the strategic support of the Government of Ras Al Khaimah, provides financial stability and the capacity to scale large-scale projects, including the flagship Mina masterplan, ensuring RAK Properties continues to deliver exceptional communities and long-term shareholder value.

 

On the solid results, Chairman Abdulaziz Abdullah Al Zaabi said: "RAK Properties has once again delivered an exceptional year of financial growth, reflecting not only the strength of our vision but also the continued confidence in Ras Al Khaimah as a rising hub for investment, tourism, and sustainable urban development."

 

"As Ras Al Khaimah continues to experience significant expansion across key sectors, RAK Properties remains committed to playing a pivotal role in shaping its future," he noted.

 

CEO Sameh Muhtadi said the group's disciplined approach has yielded exceptional financial results, reinforcing the strong market demand for its projects. 

 

"These record financial results allow us to reinvest in growth, accelerating new projects, enhancing asset value, and capitalising on opportunities across Ras Al Khaimah," he added.-TradeArabia News Service