RAK Properties reports triple-figure profit increase

Leading property developer has posted revenues in excess of AED305 million for the first nine months of 2016

Mohammed Sultan Al Qadi

Ras Al Khaimah, UAE: RAK Properties PJSC, Ras Al Khaimah’s largest property developer listed on the Abu Dhabi Stock Exchange, has reported increased profits during the first nine months of this year, with revenues in excess of AED305 million between the months of January to September 2016.

The reported January – September end results reveal a 187.9 per cent increase in net profits when compared to the same period in 2015 – up to AED79.15 million from AED27.49 million in 2015. Similarly, revenues over the corresponding nine-month period increased from AED133.80 million in 2015 to AED305.47 million this year. To date, RAK Properties’ total assets are valued at AED 4.76 billion as of September 30, 2016, an increase on the AED 4.75 billion recorded on December 31, 2015.

Commenting on the results, Managing Director and CEO Mohammed Sultan Al Qadi, said: “RAK Properties continues to represent a strong and stable proposition for potential investors and our recent results are indicative of the trust we have established in the market. Comparing the current year-to-date figures with those of last year highlight strong increases in both revenue and profit. I expect this to continue following the recent development announcements and project handovers that have been made over the past few months.”

RAK Properties formally handed over the second phase of Flamingo Villas in October, two months ahead of schedule, marking the latest milestone delivery within Ras Al Khaimah’s Mina Al Arab community. Within the same development, enabling work for Anantara Mina Al Arab, Eco Resort Hotel, Ras Al Khaimah, is currently in progress with operations scheduled to begin in 2018. Additionally, the Mina Al Arab’s Bermuda Villas are expected to be handed over to owners in 2017.

Earlier this year RAK Properties announced plans for the investment of AED5 billion into a new major development at Mina Al Arab, which will feature a mix of hotels, residential properties and leisure facilities, in addition to Julphar Residence, a 24-floor residential tower on Abu Dhabi’s Al Reem Island.