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RAK Properties profit nearly triples on robust demand

RAK Properties profit RAK Properties
A view of villas at InterContinental Ras Al Khaimah Resort and Spas on Hayat Island. The developer reported “intensified” demand for its projects in Abu Dhabi and Ras Al Khaimah

RAK Properties reported a 282 percent increase in net profit in the third quarter of 2023, as new project launches propelled a 137 percent growth in revenue.

The developer’s net profit reached AED105.17 million ($28.63 million) in the three months ended September 30, 2023, compared to AED27.55 million a year earlier. 

Revenue hit AED685.56 million as “robust” demand continued for the released residential mixed-use projects along with growth in the hospitality segment, the Abu Dhabi-listed developer said.

During Q3 2023, the company saw “intensified” demand for its projects in both Abu Dhabi and Ras Al Khaimah.

Anantara Mina Al Arab Hotel and Resort, Ras Al Khaimah, with 174 keys, is on track to be completed in November. In addition, RAK Properties and Nikki Beach Global have partnered to open its first branded hotel resort in the Mina Al Arab master development.

Moreover, all units in Porto Playa, a partnership with Dubai-based Ellington Properties, have been sold out. The proceeds were not recorded in the Q3 2023 results.

Going forward, the developer will target investments that are “core to its current operations, digitised economies, and evolving consumer preferences”.