RAK Properties PJSC (ADX: RAKPROP), a UAE real estate development company, today released its 2023 first quarter consolidated financial results. Revenue growth of 141 per cent was driven by strong customer demand for new project launches in Abu Dhabi and Ras Al Khaimah and handover of residential developments to owners. The company’s hospitality assets have also added significant value to revenue streams, strengthened the balance sheet and driven the appeal of Mina Al Arab as a lifestyle destination in Ras Al Khaimah.
Q1 2023 key financial highlights:
Key financial highlights:
|Q1 FY2023 (AED MN)
|Q1 FY2022 (AED MN)
|Change y-o-y (%)
During Q1 2023, RAK Properties witnessed high levels of demand for its projects in Abu Dhabi and Ras Al Khaimah.
Sameh Al Muhtadi, CEO of RAK Properties commented: “This set of results signals the beginning of a new phase of growth driven by our re-envisioned development pipeline. Sales from our launch of 679 units in Q1 have been driven by enthusiastic demand from end-users locally and international investors.
We have a very exciting period coming up, with further new launches in Q2 and the second half of the year. Our primary focus is on introducing new residential developments, forging partnerships that enrich our communities and focus on transformation projects within existing locations throughout the Emirate of RAK. We remain committed to pursuing growth opportunities and investing in strategic acquisitions. With a robust liquidity position supporting us, we are strongly placed to successfully execute our long-term growth strategy.
We are dedicated to RAK’s vision 2030 and the real estate mandate by developing destinations that feed into the economic, societal, and environmental pillars of the emirate. Against this backdrop, we will continue to deploy capital in an efficient manner across platforms to drive our transformational growth agenda.”