RAK Properties 2023 Performance Sparks Dividend and Capital Expansion Talks

RAK Properties has seen record-breaking success in Real Estate. Last year in 2023 Rak Property generated AED 201.81 million which was AED 30.78 million in 2022. This numeric figure shows that last year was an opportune year for Rak Properties and the property market of RAK has picked up its pace.

Revenue hiked AED 1 billion last year from AED 408.21 million in 2022, while the basic and diluted earnings per share (EPS) increased to AED 0.10 from AED 0.01. Hence, as of 31st December, the total assets reached AED 6.45 billion, an annual rise from AED 6,31 billion.

Dividend & Capital Raise

The board members recommended distributing 3% cash dividend and 4% bonus shares of the company’s capital for the financial year ending December 31, 2023, in the annual general meeting.

At the same meeting held on February 12, the board projected to increase the company’s capital through the entry of a strategic partner, after obtaining Securities and Commodities Authority (SCA) approval. Later on, in the nine months ended September 30, 2023, RAK Properties recorded 282% higher net profit at AED 105.16 million, compared to AED 27.54 million a year ago.