RAK Properties reports 9.4% growth in net profits
The 2016 results reveal a 9.38% increase in net profits compared to the 2015 – up $47.65m (AED175m) from $43.56m (AED160m) in 2015
Ras Al Khaimah property developer, RAK Properties, has reported a 9.38% increase in it net profits for 2016 compared to the previous year, and a 5.98% increase in its revenue across the same period.
The developer stated that it achieved revenues in excess of $106m (AED390m) in 2016, a year-on-year increase of 5.98% on the 2015 revenues of $100m (AED368m).
The reported 2016 results reveal a 9.38% increase in net operating profits compared to the 2015 – up $47.65m (AED175m) from $43.56m (AED160m) in 2015.
As of December 31 2016, RAK Properties’ total assets were valued at $1.36bn (AED4.99bn), an increase of 5.05% on the $1.3bn (4.75bn) of total assets reported in 2015.
Managing director and CEO, Mohammed Sultan Al Qadi, said: “Last year presented a number of achievements for RAK Properties, including the announcement of further developments within Mina Al Arab.
We have already started this year on a strong footing with further hand overs and launches expected, 2017 promises greater success for RAK Properties, with a long term plan to launch projects worth $1.36bn (AED5bn) until 2021.”
RAK Properties formally handed over Phase 2 of Flamingo Villas in October 2016, two months ahead of schedule.
The new year began with the commencement of the enabling works at the 306-key Anantara Mina Al Arab, Ras Al Khaimah, as well as the enabling works contract for the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort being awarded.
Throughout 2017, RAK Properties is expected to announce additional residential, hospitality and retail projects.