Rak Properties Reports Higher Profits in 2023; Proposes Dividends and Capital Increases

The consolidated financial results show that Rak Properties’ net profit for 2023 was AED 201.81 million, up from AED 30.78 million in 2022.

The basic and diluted earnings per share (EPS) increased to AED 0.10 from AED 0.01 last year, while revenues increased to AED 1 billion from AED 408.21 million in 2022.

As of December 31, 2023, total assets increased yearly to AED 6.45 billion from AED 6.31 billion.

Dividends & Capital Raise

For the fiscal year that concluded on December 31, 2023, the board members recommended to the annual general meeting that a cash dividend of 3% and bonus shares of 4% of the company’s capital be distributed.

In the same meeting on February 12, the board suggested that, with the Securities and Commodities Authority’s (SCA) approval, the company’s capital be increased by bringing in a strategic partner.

Rak Properties reported 282% higher net profits at AED 105.16 million for the nine months that ended on September 30, 2023, compared to AED 27.54 million for the same period the previous year.