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Rak Properties logs higher profits in 2023; dividends, capital hike proposed

Rak Properties logs higher profits in 2023; dividends, capital hike proposed
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RAK Properties
RAKPROP
-1.65% 1.19 -0.02

Abu Dhabi – Mubasher: Rak Properties generated AED 201.81 million in net profit during 2023, compared to AED 30.78 million in 2022, according to the consolidated financial results.

Revenues hiked to 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.

Total assets reached AED 6.45 billion as of 31 December 2023, an annual rise from AED 6.31 billion.

Dividends & Capital Raise

The board members recommended to the annual general meeting to distribute a cash dividend of 3% and bonus shares of 4% of the company's capital for the financial year ended on 31 December 2023.

During the same meeting that was held on 12 February, the board proposed increasing the company's capital through the entry of a strategic partner, after obtaining the approval of the Securities and Commodities Authority (SCA).

In the nine-month period that ended on 30 September 2023, Rak Properties recorded 282% higher net profits at AED 105.16 million, compared to AED 27.54 million a year earlier.