Abu Dhabi – Mubasher: Rak Properties logged net profits amounting to AED 44.59 million during the first quarter (Q1) of 2023, higher by 46% year-on-year (YoY) than AED 30.47 million.
The company posted revenue valued at AED 258.58 million as of 31 March 2023, up 141% from AED 107.25 million in the year-ago period, according to the consolidated interim financial results.
Basic and diluted earnings per share (EPS) hit AED 0.02 in Q1-23, unchanged from Q1-22.
Total assets reached AED 6.33 billion in the first three months (3M) of 2023, versus AED 6.31 billion as of 31 December 2022.
Sameh Al Muhtadi, CEO of RAK Properties, highlighted: “Sales from our launch of 679 units in Q1 have been driven by enthusiastic demand from end-users locally and international investors.”
“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,” Al Muhtadi continued.
The CEO affirmed: “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.”
“Against this backdrop, we will continue to deploy capital in an efficient manner across platforms to drive our transformational growth agenda," he concluded.
Last year, the net profits of Rak Properties plummeted to AED 30.78 million from AED 201.47 million in 2021.
