RAK Properties posts $43.5m net profit for 2015by Paromita Dey on Feb 24, 2016
Developer RAK Properties posted a 2.8% increase in net profit for 2015 to $43.5m (AED160m), topping $42.3m (AED155.7m) in 2014.
Total revenues for 2015 rose to $100m (AED367.8m) from the previous year’s $81m (AED297.8m), an increase of 23.5%, while total assets were valued at $1.2bn (AED4.7bn).
2015 has seen an impressive growth in RAK Properties’ business portfolio, as it successfully handed over the first phase of Flamingo Villas well before the completion date.
The Bermuda Villas and phase two of Flamingo villas is progressing. The company also signed hotel operating agreement with Minor Hotel Group to operate Anantara Mina Al Arab Ras Al Khaimah resort.
Mohammed Al Qadi, managing director and CEO, RAK Properties, said: ““2015 results reflect the increased level of investments being made in Ras Al Khaimah as it continues to attract regional and international investors to take advantage of its many investment opportunities. We look forward to continuing our strategic approach in promoting our position as a major contributor to the local real estate sector and be a key player in positioning Ras Al Khaimah’s as a promising investment destination.”
A proposal of dividends distribution of 5% cash for the year 2015 was also recommended by the board and will be presented on the company's annual general meeting due to be held on 12 March 2016.