Press releases, Reports & Disclosures for RAK Properties

The Independent Auditor's Report and Consolidated Financial Statements for RAK Properties P.J.S.C. and its subsidiaries for the year ending on 31 December 2023 have been released.

RAK Properties has reported its FY2023 financial results, showing significant increases in revenue and net profit. The company's revenue rose to AED 1004.89 million, up from AED 408.22 million the previous year. Property sales reached AED 2.8 billion, largely due to new project launches, compared to AED 511 million in FY2022. The company's net profit was AED 201.82 million, a substantial increase from AED 30.79 million in FY2022. Total Assets grew to AED 6.46 billion and Total Equity reached AED 4.30 billion. The company also reported the sell-out of several high-profile residential projects and success in its hospitality segment. CEO Sameh Muhtadi attributed the strong performance to strategic growth initiatives and a commitment to luxury offerings.

The document is an Independent Auditor's Report and Consolidated Financial Statements for RAK Properties P.J.S.C. and its subsidiaries for the year ending 31 December 2023. It provides a detailed overview of the company's financial performance and status during this period.

On 12 February 2024, the Board of Directors of RAK Properties held its first meeting of the year. During the meeting, the board approved the audited consolidated financial statements for the year ended 31 December 2023. The board also decided to invite the company shareholders to conduct an Annual General Meeting (AGM) on 20 March 2024, pending approval from the Securities and Commodity Authority. The board recommended a cash dividend distribution of 3% and bonus shares of 4% of the company's capital for the financial year ended December 31, 2023. They also proposed to increase the company's capital through the entry of a strategic partner, subject to approval from the Securities and Commodities Authority. Other administrative matters were also discussed.

Resolution No. 282 of 2024 temporarily suspends trading of RAK Properties shares on the ADX due to a Board of Directors meeting scheduled for 13:00 on 12-Feb-2024. The trading suspension will begin at 09:00 on 12-Feb-2024 and will last until ADX receives the meeting results. The resolution instructs all department heads at ADX to execute this decision in their respective fields, and it will be circulated to SCA, the concerned company, all departments at ADX, and all brokers accredited by ADX. The resolution was approved by the authorized person and issued on 08/02/2024.