RAK Properties reported revenue of Dh809.72 million and net profit after tax of Dh111.37 million for the first nine months of 2026, as the developer prepares to make more than 1,400 homes ready for handover by the end of the year.
The company’s gross profit reached Dh312.59 million, while operating profit stood at Dh150.22 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) amounted to Dh202.71 million, with earnings per share of Dh0.037.
Total assets increased modestly to Dh8.9 billion, while current assets reached Dh2.93 billion. Capital and reserves also recorded a slight increase to Dh6.05 billion.
RAK Properties’ sales backlog rose to Dh3.18 billion, compared with Dh2.88 billion a year earlier, providing visibility on future revenue. However, sales activity slowed during the reporting period, with the company selling 260 units for a combined value of Dh476 million. It attributed the decline to regional uncertainty and changes to its property launch schedule.
Despite fewer transactions, the average selling price per unit increased to Dh1.83 million from Dh1.65 million in the same period last year. Selling rates eased slightly year on year but remained broadly stable at Dh1,916 per square foot. The developer said it had avoided widespread discounting to support prices.
The company began reconnecting with international buyers towards the end of the third quarter through brokerage partners, including roadshows in western and central Europe.
Sameh Muhtadi, chief executive of RAK Properties, said the planned handovers would make 2026 a record year for the developer.
He said progress on major infrastructure projects and positive market sentiment surrounding the anticipated opening of Wynn next year were supporting confidence in Ras Al Khaimah’s outlook.
Chairman Abdulaziz Abdullah Al Zaabi said the company’s asset base of Dh8.9 billion positioned it to advance its growth plans.
During the first nine months, 748 homes became available for handover across Bay Residences 2, Granada Extension and Bay Views. A further 691 units, including properties at Beach Houses and Cape Hayat, are expected to be ready in the fourth quarter.
The developer handed over 356 homes to customers during the period, including apartments, villas and townhouses across Bay Residences, Granada, Marbella, Gateway 2, Lagoon Buildings, Malibu, Flamingo and Bay Views.
Completing the delivery cycle, which began in 2022 and 2023, will allow the company to concentrate on a Dh5.4 billion gross development value pipeline launched from 2025.
RAK Properties also continued awarding construction contracts across Mina, with more than 5,000 homes at different stages of planning, design and development.
The company plans to relaunch The Strand and introduce its first community, Lunara on The Strand, in early 2027. Four Seasons-branded residences and a hotel are scheduled for release in the first half of next year.
Its land holdings include approximately 924,862 square metres of undeveloped land across Mina and The Strand at Marjan Beach, offering potential gross floor area of 1.44 million square metres.
