RAK Properties reported Dh408 million in income for 2022

RAK Properties

RAK Properties PJSC, Ras Al Khaimah’s largest listed real estate developer, disclosed Dh408 million in annual revenue for 2022 on Sunday.

In the course of the year, RAK Properties built 207 villas in Marbella, a luxurious beachfront development on Hayat Island, and 266 flats in Julphar Residence on Abu Dhabi’s Reem Island. RAK Properties also successfully opened the 5-Star InterContinental Hotel & Spas on Hayat Island.

“These results establish a strong platform to deliver the next stage of our transformation strategy,” the chairman of RAK Properties PJSC, Abdul Aziz Abdullah Al Zaabi, said in response to the results. “This strategy will bear fruit in 2023 and beyond.”

RAK Properties reported Dh0.015 in profits per share in 2022, Dh140.51 in gross profit, and Dh31 in net profit. As of December 31, 2022, the company’s total assets increased from Dh6.21 billion in 2021 to Dh6.32 billion.

RAK Properties, Ras Al Khaimah’s largest publicly traded real estate developer, was established in 2005 and has already finished building approximately 3,000 homes, 372,000 square feet of office space, and 260,000 square feet of retail space.

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