RAK PROPERTIES REPORTS STELLAR FIRST QUARTER PROFITS

Leading property developer posts 61 per cent increase in profits compared to last year’s first three months

RAK Properties PJSC, Ras Al Khaimah's largest property developer listed on the Abu Dhabi Stock Exchange, has reported increased profits during the first three months of this year, with revenues in excess of AED115 million between the months of January to March 2017.

 

The reported January – March end results reveal a 61.41 per cent increase in net profits when compared to the same period in 2016 – up to AED66,846,000 from AED48,123,000 million in 2016. Similarly, revenues over the corresponding three-month period increased from AED115,538,000 from AED71,581,000 million in 2016 this year. To date, RAK Properties’ total assets are valued at AED 5.06 billion as of March 31, 2017, an increase on the AED 4.99 billion recorded on March 31, 2016.

 

Commenting on the results, Managing Director and CEO Mohammed Sultan Al Qadi, said: “RAK Properties continues to go from strength to strength and our latest sales figures are testament to the confidence investors have in our developments across the UAE,” RAK Properties Managing Director and CEO Mohammed Al Qadi, said.

 

“Ras Al Khaimah is establishing itself as a strong proposition for investors and home owners alike, with significant demand for waterfront property. Through our own developments, we are meeting this demand and providing communities that encompass affordable luxury in an idyllic setting,” Al Qadi added.

 

RAK Properties has celebrated the groundbreaking on two international resorts within the landmark Mina Al Arab. The contract for enabling works for the upcoming 350 key InterContinental® Ras Al Khaimah Mina Al Arab Resort was announced earlier this year, following news of progress on enabling work at the 306-key Anantara Mina Al Arab, Ras Al Khaimah.

 

RAK Properties has also announced further development across the mixed-use master development, including the launch of Gateway Residences, a 144-apartment complex, in addition to a 811,420m2 island, with an investment of AED 5 billion, set to be the new social and entertainment hub of Ras Al Khaimah.

 

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