Abu Dhabi – Mubasher: RAK Properties logged net profits valued at AED 89.05 million in the first half (H1) of 2024, marking an annual rise from AED 88.18 million.
Revenues amounted to AED 610.37 million in H1-24, higher by 19% year-on-year (YoY) from AED 511.63 million, according to the financial results.
Basic and diluted earnings per share (EPS) maintained its value at AED 0.04 as of 30 June 2024.
Total assets increased to AED 7.78 billion in H1-24 from AED 6.45 billion at the end of December 2023.
Income Results for Q2
In the second quarter (Q2) of 2024, the company’s profits jumped to AED 47.60 million from AED 43.59 million, while the revenues hiked to AED 320.56 million from AED 253.05 million.
The EPS reached AED 0.022 in Q2-24, compared to AED 0.021 a year earlier.
Abdulaziz Abdullah Al Zaabi, Chairman of RAK Properties, said: “The Government of Ras Al Khaimah's increased stake in the company to 34% in June also demonstrates clear confidence in our strategic vision and growth trajectory.”
Sameh Muhtadi, CEO of RAK Properties, commented: "The growing global interest in our properties, coupled with the strong performance of our hospitality assets, is a testament to the strength of our brand and the dynamic growth of Ras Al Khaimah.”
“With exciting new projects underway and a robust pipeline of future developments, we are confident in our ability to continue delivering revenue growth. This momentum is further amplified by the increased stake from the Government of Ras Al Khaimah and our proactive approach to emerging market opportunities," Muhtadi added.
He underlined: "Our outlook remains bright, underpinned by the solid fundamentals of Ras Al Khaimah and our unwavering commitment to excellence and delivering exceptional value to our stakeholders."
As of 31 March 2024, the net profits of RAK Properties dropped to AED 41.45 million from AED 44.60 million in Q1-23
