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Sunday, December 3, 2023

Due to robust sales in new projects, RAK Properties’ Q3 profit increased 282% to Dh105.17 million.

Ras Al KhaimahDue to robust sales in new projects, RAK Properties' Q3 profit increased 282% to Dh105.17 million.

RAK Properties announced a 282 percent increase in net profit to Dh105.17 million in the third quarter of 2023. The launch of new projects drove this, resulting in a 137% rise in revenue to Dh685.56 million.

The Ras Al Khaimah-based real estate developer attributed the outstanding results to the ongoing high demand for its recently introduced residential mixed-use projects. Throughout the quarter, there was increased demand for the company’s projects in Abu Dhabi and Ras Al Khaimah, demonstrating the high level of interest in its products.

Muhtadi continued, “The 5-star Anantara Resort & SPA, which opens at the end of this year, will significantly increase the appeal of our entire hospitality offering on Mina Al Arab and our recurring revenue streams. “Nikki Beach Resort & Spa Ras Al Khaimah, which was previously announced, is a crucial part of RAK Properties’ ambitious master plan for Mina Al Arab as we continue on our expansion trajectory.

Furthermore, the first nine months of fiscal 2023 brought in Dh1.5 billion in revenue, and the third quarter’s operational profit of Dh172.2 million was up 141% from the same period the previous year.

The company claims that all of the released units at the Julphar Residence apartment complex on Reem Island in Abu Dhabi have been sold, with almost 94% of the sold units having been turned over.

At the end of the second quarter, sales of two residential towers with 344 apartments were launched at Bayviews, Hayat Island, Mina Al Arab, and they sold out in a matter of hours, the developer added. Over 90% of the luxury villas and townhouses at Marbella Villa Phase 2, Mina Al Arab, have already been sold, and work is currently underway to construct an additional 89 of them. The business states that construction is anticipated to begin in December.

The third quarter’s results did not reflect Cape Hayat’s financial contribution, despite the fact that the sale of four residential buildings at Hayat Island, Mina Al Arab, totaling 678 apartments, was introduced toward the conclusion of the quarter.

Furthermore, the first and only branded hotel resort in Ras Al Khaimah, Mina Al Arab, was introduced through a partnership between RAK Properties and Nikki Beach Global.

 

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