RAK Properties triples its nine-month 2016 profits
Earlier this year, RAK Properties announced plans for the investment of $1.3bn (AED5bn) into a new major development at Mina Al Arab
Developer RAK Properties reported a 187.9% increase in net profits, to $21.5m (AED79.1m) in the first nine months of 2016, when compared to $7.4m (AED27.4m) in the same period in 2015.
Similarly, revenues over the corresponding nine-month period increased to $83m (AED305.4m) from $36.4m (AED133.8m) in 2015.
To date, RAK Properties’ total assets are valued at $1.29bn (AED4.76bn) as of 30 September, 2016, an increase from the $1.293(AED4.75bn) recorded on December 31, 2015.
Commenting on the results, managing director and CEO Mohammed Sultan Al Qadi, said: “RAK Properties continues to represent a strong and stable proposition for potential investors and our recent results are indicative of the trust we have established in the market.
"Comparing the current year-to-date figures with those of last year highlight strong increases in both revenue and profit. I expect this to continue following the recent development announcements and project handovers that have been made over the past few months.”
RAK Properties formally handed over the second phase of Flamingo Villas in October, two months ahead of schedule, within Ras Al Khaimah’s Mina Al Arab community. Within the same development, enabling work for Anantara Mina Al Arab, Eco Resort Hotel, Ras Al Khaimah, is currently in progress with operations scheduled to begin in 2018.
Additionally, the Mina Al Arab’s Bermuda Villas are expected to be handed over to owners in 2017.
Earlier this year, RAK Properties announced plans for the investment of $1.3bn (AED5bn) into a new major development at Mina Al Arab, which will feature a mix of hotels, residential properties and leisure facilities, in addition to Julphar Residence, a 24-floor residential tower on Abu Dhabi’s Al Reem Island.