Record half-year results in Ras Al Khaimah with 59 per cent increase in net profits
Record half-year results in Ras Al Khaimah with 59 per cent increase in net profits
Strong off-plan sales not confined to Dubai, as RAK Properties record revenues exceeding AED 211 million.
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Image credit RAK Properties PJSCRAK Properties PJSC Managing Director and CEO Mohammed Sultan Al Qadi -
Image credit RAK Properties PJSCRAK Properties PJSC signed an AED 11.5 million enabling works contract with Al Nuaimi Group for its upcoming InterContinental® Ras Al Khaimah Mina Al Arab Resort earlier this year. -
Image by almarjanisland.com via Wikimedia commonsAl Marjan Island, Ras Al Khaimah
RAK Properties PJSC has revealed half-year results, with revenues exceeding AED 211 million. The half year results are attributed to strong off-plan sales, with the property developer expected to announce additional residential, hospitality and retail projects this year.
The reported half-year figures show an increase from AED 39 million this time last year, to AED 62 million in net profits from January to June 2017 – an increase of 59% compared to the same period in 2016.
The firm is listed on the Abu Dhabi Stock Exchange, and currently has total assets valued at AED 5.11 billion, an increase on the AED 4.99 billion recorded at the end of last year.
Commenting on the results, Managing Director and CEO Mohammed Sultan Al Qadi, said: “our half year results serves as proof that, with unwavering support from investors for our developments across the UAE, RAK Properties continues to go from strength to strength. Having already completed several key projects and accomplished various operational achievements, we look forward to the remainder of 2017.”
See also:
Recording-breaking month in off-plan property sales in Dubai
