,1"111
kula_2J1 a n II tpilj
RAK PROPERTIES.
DIRECTORS REPORT FOR 3 MONTH PERIOD ENDED 31 MARCH 2023
On behalf of the Board of Directors of RAK Properties PJSC, am pleased to present the
I
consolidated financial results of the company for first quarter 2023.
Q1 2023 Key Financial Highlights:
Revenue for the period amounted to AED 258.58 million vs AED 107.25 million for the same
period last year.
Net Profit for the period amounted to AED 44.60 million vs AED 30.48 million for the same
period last year.
Total comprehensive income for the period amounted to AED 44.60 million vs AED 30.92
million for the same period last year.
Total Asset stood by AED 6.34 billion in Q1 2023 vs AED 6.32 billion in December 2022.
Total Equity stood by AED 4.16 billion in Q1 2023 vs AED 4.12 billion in December 2022
Income Statement AED Million
31st Mar 2023 31St Mar 2022
Revenue 258.58 107.25
Cost of Revenue (175.68) (74.46)
Gross Profit 82.90 32.79
Operating Profit 55.89 34.42
Profit for the period 44.60 30.48
Total comprehensive income 44.60 30.92
Financial Position AED Million
31st Mar 2023 31st Dec 2022
Non -Current Assets 5,301.79 5,285.17
Current Assets 1,035.33 1,029.90
Total Assets 6,337.12 6,315.07
Non -Current Liabilities 1,247.00 1,218.25
Current Liabilities 923.44 974.65
Capital and Reserves 4,166.68 4,122.17
Total Equity & Liabilities 6,337.12 6,315.07
9)
oa
co
o.
+971 7 227 2444:, J.L.1.5L.9 . +971 7 228 4777:uJLa qo. f.l o .1 11,yule . 31113,J.,p
P.O. BOX 31113, Ras Al Khaimah, U.A.E. I Tel: +971 7 228 4777 I Fax :+971 7 227 2444 I www.rakproperties.ae
g
I
THE
EMIRATES
t
0
11,
c;JL___04.11 0/Sii
... AV
11ta-1qm" SENR11143
3H.1.
,1"111
kulli2J1 a n ! ", II u-Llij
RAK PROPERTIES.
DIRECTORS REPORT FOR 3 MONTH PERIOD ENDED 31 MARCH 2023
On behalf of the Board of Directors of RAK Properties PJSC, am pleased to present the
I
consolidated financial results of the company for first quarter 2023.
Q1 2023 Key Financial Highlights:
Revenue for the period amounted to AED 258.58 million vs AED 107.25 million for the same
period last year.
Net Profit for the period amounted to AED 44.60 million vs AED 30.48 million for the same
period last year.
Total comprehensive income for the period amounted to AED 44.60 million vs AED 30.92
million for the same period last year.
Total Asset stood by AED 6.34 billion in Q1 2023 vs AED 6.32 billion in December 2022.
Total Equity stood by AED 4.16 billion in Q1 2023 vs AED 4.12 billion in December 2022
Income Statement AED Million
31st Mar 2023 31St Mar 2022
Revenue 258.58 107.25
Cost of Revenue (175.68) (74.46)
Gross Profit 82.90 32.79
Operating Profit 55.89 34.42
Profit for the period 44.60 30.48
Total comprehensive income 44.60 30.92
Financial Position AED Million
31st Mar 2023 31st Dec 2022
Non -Current Assets 5,301.79 5,285.17
Current Assets 1,035.33 1,029.90
Total Assets 6,337.12 6,315.07
Non -Current Liabilities 1,247.00 1,218.25
Current Liabilities 923.44 974.65
Capital and Reserves 4,166.68 4,122.17
Total Equity & Liabilities 6,337.12 6,315.07
8)
oa
co
o.
AO
;el 0
$110
cLJL-04.11 "F +971 7 227 2444:, J.L.L5t.9 +971 7 228 47773_63La !'' 11 ph . 31113:y.,p bsi 60 91:01 60 lecen 150
THE EMIRATES P.O. BOX 31113, Ras Al Khaimah, U.A.E. I Tel: +971 7 228 4777 I Fax :+971 7 227 2444 I www.rakproperties.ae `IY =to)CWT. MM. 01110".184
&&AALLQQ..__ss1111hh nn ! 1 I iI OA
RRAAKK PPRROOPPEERRTTIIEESS..
DDeevveellooppmmeenntt UUppddaattee
RReessiiddeennttiiaall::
--
11.. JJuullpphhaarr RReessiiddeennccee,, RReeeemm IIssllaanndd,, AAbbuu DDhhaabbii RReessiiddeennttiiaall bbuuiillddiinngg ooff 226666 aappaarrttmmeennttss
aa.. DDuurriinngg tthhee yyeeaarr RRAAKK PPrrooppeerrttiieess ccoommmmeenncceedd tthhee ssaalleess ooff tthhiiss ccoommpplleetteedd ttoowweerr iinn
AAbbuu DDhhaabbii aanndd hhaadd aa vveerryy ggoooodd mmaarrkkeett rreessppoonnssee wwhhiicchh 110000%% rreelleeaasseedd uunniitt hhaass
ssoolldd oouutt iinn QQ11 22002233
bb.. WWee hhaannddeedd oovveerr 77 uunniittss aass ooff 3311sstt MMaarrcchh 22002233 aanndd ffoorr tthhee bbaallaannccee uunniittss'' hhaannddoovveerr
pprroocceessss aarree ccuurrrreennttllyy oonnggooiinngg..
--
22.. BBaayy RReessiiddeennccee PPhhaassee 11,, HHaayyaatt IIssllaanndd,, MMiinnaa AAll AArraabb,, RRaass AAll KKhhaaiimmaahh BBeeaacchh ffrroonntt
rreessiiddeennttiiaall bbuuiillddiinnggss..
aa.. CCoonnssttrruuccttiioonn ooff tthheessee 22 ttoowweerrss iiss pprrooggrreessssiinngg aass ppeerr tthhee ddeevveellooppmmeenntt ppllaann..
bb.. BBootthh ttoowweerrss hhaavvee bbeeeenn ffuullllyy ssoolldd oouutt aass ooff QQ11 22002233..
--
33.. BBaayy RReessiiddeennccee PPhhaassee 22,, HHaayyaatt IIssllaanndd,, MMiinnaa AAll AArraabb,, RRaass AAll KKhhaaiimmaahh BBeeaacchh ffrroonntt
rreessiiddeennttiiaall bbuuiillddiinnggss..
aa.. TThhee ssaallee ooff tthheessee 22 ttoowweerrss ccoonnssiissttiinngg ooff 332244 aappaarrttmmeennttss hhaass bbeeeenn llaauunncchheedd iinn QQ11
22002233 aanndd 222266 uunniittss hhaass bbeeeenn ssoolldd ssoo ffaarr..
bb.. PPrroojjeecctt ccoonnssttrruuccttiioonn ccoonnttrraacctt uunnddeerr ffiinnaalliizzaattiioonn aanndd ppiilliinngg wwoorrkk hhaass bbeeeenn ccoommpplleetteedd..
--
44.. GGaatteewwaayy RReessiiddeennccee 22,, HHaayyaatt IIssllaanndd,, MMiinnaa AAll AArraabb,, RRaass AAll KKhhaaiimmaahh RReessiiddeennttiiaall bbuuiillddiinngg
ooff 114466 aappaarrttmmeennttss..
aa.. CCoonnssttrruuccttiioonn ooff tthhiiss ttoowweerr iiss rruunnnniinngg bbeehhiinndd tthhee sscchheedduullee aass ooff QQ11 22002233..
bb.. SSaalleess aarree oonnggooiinngg iinn 22002233..
--
55.. MMaarrbbeellllaa VViillllaa PPhhaassee 22,, MMiinnaa AAll AArraabb,, RRaass AAll KKhhaaiimmaahh LLuuxxuurryy VViillllaass aanndd TToowwnnhhoouusseess..
aa.. CCoonnssttrruuccttiioonn ooff tthhiiss aaddddiittiioonnaall 8899 vviillllaass aanndd ttoowwnnhhoouusseess ccoommmmeenncceedd iinn QQ11 22002233
bb.. SSaalleess wweerree llaauunncchheedd iinn QQ11 22002233 aanndd aarree oonnggooiinngg..
HHoossppiittaalliittyy::
ccuu
11.. IInntteerrccoonnttiinneennttaall RRaass AAll KKhhaaiimmaahh MMiinnaa AAll AArraabb RReessoorrtt aanndd SSPPAA ttttoo
(c5o
TThhee hhootteell aacchhiieevveedd hhiigghheerr ooccccuuppaannccyy aanndd ffiinnaanncciiaallss aass ccoommppaarreedd ttoo tthhee ccoommppsseett aass wweellll aass
aQ..
eettll
1tthh ee pprroojjeeccttiioonnss ffoorr QQ11 22002233..
i%
-66!
)
MO ,
/11
i$ z Ajl_o4.11 ++997711 77 222277 22444444:: 0µ1u61195 .. ++997711 77 222288 44777777::duiti11aa ..1ro1.Dt.1.t .1.6o0 v!''+11111 0u..1.u.6b .. 3311111133::yy..LLpp bsi 6010, 1101.01 WM.
TTHHEE EEMMIIRRAATTEESS _ ,, . PP..OO.. BBOOXX 3311111133,, RRaass AAll KKhhaaiimmaahh,, UU..AA..EE.. II TTeell:: ++997711 77 222288 44777777 II FFaaxx ::++997711 77 222277 22444444 II wwwwww..rraakkpprrooppeerrttiieess..aaee mar.. oxisgo ammoi
CIALis/J1 eua II (pi )
RAK PROPERTIES.
2. Anantara Mina Al Arab Hotel and Resort, Ras Al Khaimah
Construction of our second 5 -star hotel with 174 keys is on -track to open this year.
Planned Residential:
-
1. Bay Area Apartments, Hayat Island, Mina Al Arab, Ras Al Khaimah Beachfront residential
buildings of 6 plots.
a) Development of the first 2 plots is under design stage and the remaining 4 plots are
scheduled towards the end of 2023.
We have delivered a solid revenue number and made good progress with our residential
development deliveries. Our 5 Star hospitality assets add significant value to revenue streams,
strengthen the balance sheet and drive the appeal of Mina Al Arab as a lifestyle destination in Ras
Al Khaimah
4.............,...
Sameh Al uhtadi
Chief Executive Officer
a)
ao
a.
m
+971 7 227 2444:,p_60 . +971 7 228 4777: La .ro.d.ri o i II Lai 31113:y.,p
P.O. BOX 31113, Ras Al Khaimah, U.A.E. I Tel: +971 7 228 4777 I Fax :+971 7 227 2444 I www.rakproperties.ae
1.1.1
,, ...
'
, P,
i
CIALis/J1 eua II (pi )
RAK PROPERTIES.
2. Anantara Mina Al Arab Hotel and Resort, Ras Al Khaimah
Construction of our second 5 -star hotel with 174 keys is on -track to open this year.
Planned Residential:
-
1. Bay Area Apartments, Hayat Island, Mina Al Arab, Ras Al Khaimah Beachfront residential
buildings of 6 plots.
a) Development of the first 2 plots is under design stage and the remaining 4 plots are
scheduled towards the end of 2023.
We have delivered a solid revenue number and made good progress with our residential
development deliveries. Our 5 Star hospitality assets add significant value to revenue streams,
strengthen the balance sheet and drive the appeal of Mina Al Arab as a lifestyle destination in Ras
Al Khaimah
Sameh Al uhtadi
Chief Executive Officer
a)
ao
ra
a.
m
t%
0110 _ .
c:4L--04.il +971 7 227 2444:,p_60 . +971 7 228 4777: La To.t.l.ri 00 31113:y.,p b5i W1031 601.1. ) -M UT
THE EMIRATES P.O. BOX 31113, Ras Al Khaimah, U.A.E. I Tel: +971 7 228 4777 I Fax :+971 7 227 2444 I www.rakproperties.ae OWE= =WM 121001

Sentiment: neutral