The largest listed real estate developer in Ras Al Khaimah, RAK Properties PJSC, reported Dh408 million in annual income for 2022 on Sunday.
RAK Properties produced 266 apartments in Julphar Residence on Abu Dhabi’s Reem Island and 207 villas in Marbella, a posh beachside development on Hayat Island, throughout the year. On Hayat Island, RAK Properties also successfully launched the 5-Star InterContinental Hotel & Spas.
Commenting on the results, the Chairman of RAK Properties PJSC, Abdul Aziz Abdullah Al Zaabi said, “These results provide a strong foundation to deliver the next stage of our transformation strategy that will bear fruit in 2023 and beyond.”
Recently appointed CEO of RAK Properties PJSC, Sameh Al Muhtadi, said, “We have delivered a solid revenue number and made good progress with our residential development deliveries and our 5 Star hospitality offerings. The InterContinental Resort & Spa has proved to be very popular and is delivering excellent revenue and the opening of the 5 Star Anantara Resort & Spa later this year will add considerable additional appeal to our overall hospitality offering on Mina Al Arab, and this will be complimented by a strong residential development pipeline of luxury villas and apartments. I believe we are in a good position to begin the next stage of our transformation programme that will build value for our customers, our shareholders and the Emirate of Ras Al Khaimah.”
RAK Properties reported 2022 profits per share of Dh0.015, a gross profit of Dh140.51 million, and a net profit of Dh31 million. The company’s total assets climbed from Dh6.21 billion in 2021 to Dh6.32 billion as of December 31, 2022.
The largest listed property developer in Ras Al Khaimah, RAK Properties was founded in 2005 and has already completed the construction of nearly 3,000 residential units, 372,000 square feet of office space, and 260,000 square feet of retail space.