Abu Dhabi Securities Exchange-listed RAK Properties announced its financial results for the first nine months of 2026, reporting revenue of AED 809.72 million and net profit after tax of AED 111.37 million. The Ras Al Khaimah-based developer continued advancing its residential construction and handover programme despite challenging regional market conditions, while maintaining a development sales backlog of AED 3.18 billion.
RAK Properties recorded gross profit of AED 312.59 million, operating profit of AED 150.22 million and EBITDA of AED 202.71 million during the nine-month period. Earnings per share stood at AED 0.037. The company reported a gross profit margin of approximately 38.6%, reflecting its financial performance as it progresses through a new property development cycle.
The company’s sales backlog increased approximately 10.4% from AED 2.88 billion in the corresponding period of 2025 to AED 3.18 billion as of September 2026. Total assets reached AED 8.9 billion, including current assets of AED 2.93 billion, which increased 26.3% year-on-year. Total capital and reserves stood at approximately AED 6.05 billion, providing a financial base for ongoing development activities.
Residential sales remained under pressure during the first nine months, with RAK Properties selling 260 units worth AED 476 million. The company attributed the decline in sales activity to regional volatility and adjustments to its project launch schedule. Nevertheless, the average selling price per unit increased to AED 1.83 million from AED 1.65 million a year earlier, while average selling rates remained around AED 1,916 per square foot.
Home deliveries remained a major operational priority. During the first nine months, RAK Properties made 748 homes available for handover across Bay Residences 2, Granada Extension and Bay Views, while 356 homes were actually handed over to customers across nine projects. The company is targeting more than 1,400 homes made ready for handover by the end of 2026, potentially marking a record year for its residential delivery programme.
Construction continued across the company’s Mina development portfolio, which includes more than 5,000 homes in various stages of planning, design, construction and delivery. Bay Views reached completion, while Cape Hayat exceeded 98% construction progress. Quattro Del Mar was 64.1% complete, Edge reached 34% and SKAI stood at 14.9%. The company is also advancing an AED 5.4 billion gross development value pipeline launched during 2025.
RAK Properties’ hospitality portfolio continued contributing to its diversified operations. The InterContinental Ras Al Khaimah Mina Resort & Spa generated AED 56.7 million in total revenue during the nine-month period, with occupancy of 46% and an average daily room rate of AED 825. The Anantara Mina Hotel and Resort recorded AED 57.9 million in revenue, occupancy of 53% and an average daily rate of AED 1,222.
The company also continued expanding the lifestyle and hospitality offering within Mina. Bar Du Port Beach opened in February 2026, while Tasha’s, Hunter & Barrel and Antonia are expected to open during the fourth quarter. Looking ahead, RAK Properties plans to introduce Lunara at The Strand in early 2027 and launch its Four Seasons branded residences and hotel offering during the first half of 2027.
RAK Properties Chairman Abdulaziz Abdullah Al Zaabi highlighted the company’s financial position and commitment to Ras Al Khaimah’s development, while Chief Executive Officer Sameh Muhtadi emphasised construction continuity, financial discipline and the accelerated handover programme. With a substantial development backlog, approximately 924,862 square metres of undeveloped land across Mina and The Strand, and a pipeline of upcoming residential projects, the company is positioning itself for further development activity in 2027.
Disclaimer: This article is for informational purposes only and should not be construed as investment, financial, or legal advice.
