RAK Properties nets $14.1mn profit for half year

Property developer revealed revenues amounting to $40.5mn

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 reported profits worth AED52mn ($14.1mn) for the first half of 2014.

The figures showed a slight increase from the AED51mn ($13.8mn) posted over the same period in 2013.

The leading property developer also revealed gaining revenues amounting to AED149mn ($40.5mn) with total sales value in excess of AED234mn ($63.7mn) for the first six months of this year.

To date, RAK Properties’ current total assets are valued at AED4.7bn ($1.2bn).

The first half of 2014 saw the commencement of construction works for the company’s hugely successful Flamingo Villas project in the Mina Al Arab area, comprising of 124 villas.

On the back of strong demand for waterfront property, the company launched the Bermuda Villas project, a new beachfront community consisting of 157 villas and townhomes ranging from two to six bedrooms.

The company also disbursed 5% dividends amounting to AED100mn ($27.2mn) for the year 2013.

Mohammed Sultan Al Qadi, managing director and CEO, RAK Properties, said: “We are pleased with the company’s strong performance for the first half of the year—which is a clear indication of RAK Properties’ continuous growth and the increasing confidence in RAK as a strategic place to build your business and your home.

"We have also been carefully studying the country’s real estate market conditions, which prompted us to study launching new projects, which includes more residential developments and hospitality leisure projects. We are upbeat that the remaining half of 2014 will be very fruitful for us.”

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