280 million dirhams, net profits of Ras Al Khaimah Real Estate in 2024, an increase of 32% compared to 2023
Ras Al Khaimah on February 6/ WAM/ Ras Al Khaimah Real Estate Company (ADX: Rakprop) listed in the Abu Dhabi Securities Market has announced its unified financial results for 2024, which showed continuous financial growth and strategic developments that put the company on the road to growth in 2025.
The company has achieved a record growth in revenue by 40% on an annual basis to rise to 1.4 billion dirhams compared to one billion dirhams in 2023, while the profits before the tax increased by 52% to reach 308 million dirhams compared to 202 million dirhams in the same period in the previous year, This is a continuation of its exceptional efforts in real estate development during 2023.
The net profit increased by 32% to 280 million dirhams, compared to 202 million dirhams in 2023, reflecting the company’s ability to achieve its strategic vision and sustaining its financial performance.
The total assets increased by 24% to 8.01 billion dirhams on December 31, 2024, compared to 6.46 billion dirhams at the end of 2023.
The rights of shareholders at the end of 2024 reached 5.53 billion dirhams, compared to 4.30 billion dirhams in the previous year.
In a statement, the company attributed the growth of its financial performance to strong sales in the main projects in the residential, commercial and hospitality sectors, in addition to the efforts of the Board of Directors to ensure disciplined costs and raise the efficiency of operation.
Revenue contributed to the assets of hospitality, retail and leasing of 261 million dirhams, reflecting the stable demand on the company’s portfolio, which continues to provide stable cash flows that enhance financial stability and long -term profitability.
Abdel Aziz Abdullah Al -Zaabi, Chairman of the Ras Al Khaimah Real Estate Company, said that “Ras Al Khaimah Real Estate” has achieved another year of strong financial growth, which reflects the strength of our vision and the confidence of our partners .. Our strong financial performance reflects the volume of continuous demand for high -quality development projects in Ras Al -Khaimah, in addition to our ability to anticipate the needs of the market and create destinations that enhance the real estate scene in the emirate.
He added, “With our entry in 2025, we are on the threshold of a decisive expansion stage, led by the launch of the main plan for the” port “destination with an investment value of up to 5 billion dirhams, a project that will make Ras Al Khaimah occupy leadership as the best destination for living in the emirate.”
For his part, Sameh Mahdi, CEO of Ras Al Khaimah Real Estate, stated that the year 2025 will witness widespread growth after it was 2024 years of strategic preparation and the exceptional year that the company witnessed in 2023.
He added that the rapid demand for the first phase of the Mirsol project – our first projects to be launched in the ‘destination of a port’ during 2025 – reflects the strong demand for our projects and great confidence in our vision.
He explained that the value of the projects under development amounted to 1.9 billion dirhams, which provides a clear vision of the company’s revenues during the coming years, and the residential sector represents 49% of the total assets of the company, equivalent to 8.01 billion dirhams until December 2024, which confirms its commitment to providing exceptional living spaces that enhance the position of Ras Al Khaimah Distinguished destination.
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