RAK Properties profit of $13.9m for Q2 2013
Results attributed to the growing demand on the firm's mega projects
RAK Properties has earned a net profit of $13.9m (AED 51.10m) in the second quarter of 2013.
Results were announced following the meeting of the Board of Directors of RAK Properties on Sunday. The Board agreed on settling the loan payment of $27.24m (AED100m) to Ras Al Khaimah Investment and Development Office.
The company is Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange,
Commenting on the financial results of year 2013 second quarter, Mohammad Sultan Al Qadi, managing director and CEO of RAK Properties attributed the results to the growing demand on the company’s mega projects including Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi.
Al Qadi added that the residential and commercial units in these projects have witnessed high demand from investors and end-users alike. This comes at a time where the real estate sector in Ras Al Khaimah and the wider UAE is enhancing its position on the global and regional fronts.
RAK Properties has remarkably progressed in renting apartments, offices and retail spaces in its projects in Ras Al Khaimah and Abu Dhabi. The board of directors discussed the company’s plans for the second half of 2013 as well as 2014 where the company will sustain its leading position in providing quality driven services and maximizing the ROI of its customers. RAK Properties will focus on furthering its operations especially that it is under the process of settling the loan payment of AED 100 million to Ras Al Khaimah Investment and Development Office as decided by the board of directors.
The real estate industry in Ras Al Khaimah is witnessing overwhelming confidence from investors and end-users alike according to Al Qadi.
Al Qadi said that RAK Properties realises the massive potential of the hospitality and retail industries in Ras Al Khaimah and it adopts a clear strategy based on combining the values of these two industries with the real estate sector to enhance the leading position of Ras Al Khaimah on the regional map as an attractive spot for regional and international investments.
As per the financial results announced Sunday (28 July 2013), sales revenue in second quarter of 2013 reached AED110.52m, compared to previous year’s figure of AED451m for the same period.
Al Qadi said that Mina Al Arab will command the lion’s share of the company’s focus in the coming period taking into consideration the significance and magnitude of this project and its relevance to the tourism and hospitality sectors as well as retail.
Al Qadi said that his company anticipates remarkable financial results for second half of 2013. He added that the company prioritizes developing its business and operations in Ras Al Khaimah which will achieve optimal results to its shareholders.