RAK Properties reveals $11.4mn profit for Q1

Company gained revenues worth $23.4mn in first three months

Mohammed Sultan Al Qadi, managing director and CEO of RAK Properties.
Mohammed Sultan Al Qadi, managing director and CEO of RAK Properties.

RAK Properties PJSC, Ras Al Khaimah's (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, has revealed a net profit of $11.4mn (AED42mn) for the first quarter of 2014.

This compares to $10.8mn (AED40mn) over the same period in 2013.

The company gained revenues worth $23.4mn (AED86mn) in the first three months of 2014.

The figures were presented during the company’s recent board meeting at the company’s offices in RAK, which was presided over by Mohammed Hasan Omran, RAK Properties’ chairman.

According to the report, the company’s total assets have been pegged at $1.2bn (AED4.7bn). RAK Properties’ achievement for the first quarter of 2014 complements its excellent performance in 2013, which saw a net profit of $41mn (AED151mn).

The company attributes its positive streak to the increasing investor confidence in the Emirate’s growth and development.

RAK Properties has announced the addition of 20 more villa units for its flagship development project, Flamingo Villas -bringing the project to construct 124 waterfront villas.

Mohammed Sultan Al Qadi, managing director and CEO, RAK Properties, said: “The vibrant performance of the company not only demonstrates the growing interest for our latest range of property offerings but also reinforces Ras AlKhaimah’s position as a premier investment and residential destination for the Middle East region.

“With industry experts saying that the growth will continue to come in, we are bullish on leveraging our offerings like the Flamingo Villas in Mina Al Arab project, across potential investors—bringing us one step closer to being one of the country’s leading real estate developers.”

The company recently awarded a contract to Al Nuaimi Group LLC to construct the Flamingo Villas project, while also taking charge of infrastructure works development for the Precinct 12 area of the Mina Al Arab project. 

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