RAK Properties has announced its financial results for the first six months of the fiscal year 2018, reporting more than AED117 million increase in its total assets as of June 30, 2018, demonstrating a further improvement on an already strong balance sheet. Total assets of the group stood at AED5.28 billion compared to AED5.16 billion declared by the end of 2017.

At a glance:

• RAK Properties have reported AED117 million increase in its total assets in first six months of FY 2018.
• Earnings per share stood at AED 0.01.
• Current major residential projects are Gateway Residence and Bay Residences on Mina Al Arab.
• RAK's Julphar Residence on Reem Island, Abu Dhabi, is expected to be delivered next year.
• Anantara Mina Al Arab is expected to open by the end of 2019, feature the emirate’s first overwater villas. 

The property developer reported a healthy net profit at AED29 million and total revenues of the company declared at AED75.43 million. Its gross profit announced at AED40 million and earnings per share stood at AED 0.01.

Commenting on the first half financial results, RAK Properties Managing Director, Mohammed Sultan Al Qadi said, “RAK Properties portfolio caters to the ever-changing market needs which will be reflected in our upcoming project launches in September. We strive to pioneer in creating communities and evolving destinations which is demanded by stakeholders. 

Al Qadi said, “The company is making significant headway on residential projects both under construction and due to launch over the next year, we see robust and positive results for the upcoming second half of the year. At the same time, RAK Properties has started constructing the Anantara and Intercontinental hotels in Mina Al Arab which will strengthen the recurring revenue portfolio in the future”

RAK Properties' current residential projects include Gateway Residence, a residential building comprised of 144 apartments in Al Raha Island, Mina Al Arab, Ras Al Khaimah, which is expected to handover in 2019. Another important project in Mina Al Arab is Bay Residences, which has 4 towers comprising 569 apartments and 16 townhouses. The project is designed to accentuate the natural environment in the Hayat Island, with construction scheduled to commence in the second half of the year. Away from Ras Al Khaimah, construction work of RAK's Julphar Residence at the heart of Reem Island, Abu Dhabi, is progressing as per schedule and the delivery of this tower is expected next year.

RAK Properties also has major hospitality projects underway, with two international hotel brands under construction in Mina Al Arab expected to be completed next year. The 306-room Anantara Hotel Resort in Mina Al Arab is well underway and expected to open by the end of 2019. The resort will feature the emirate’s first overwater villas complex inspired by those in the Maldives overlooking the stunning eco-reserves.

Another luxury hotel development, InterContinental Mina Al Arab Resort comprising of 350 rooms, is also under construction and set to receive guests by the end of 2019. The resort will include an array of 5-star facilities facing the Arabian Sea. It will feature a variety of luxury rooms and suites, a health club and spa, two pools, a well-equipped gym, and a number of speciality restaurants.

Al Qadi said, “We hope 2018 is going to be another successful year for RAK Properties. The year 2019 looks robust with the delivery of two residential projects and two hospitality projects.”

See also:

Middle East recognises emirate's major strides in tourism

Ras Al Khaimah set to reach target for 900,000 visitors

Live at family-friendly Hayat Island