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RAK Properties authorises 5% cash dividend at AGM

RAK Properties authorised the distribution of a 5% cash dividend for 2016 during its latest annual general meeting

RAK Properties authorised a 5% cash dividend for 2016 at its annual general meeting.
RAK Properties authorised a 5% cash dividend for 2016 at its annual general meeting.

RAK Properties has authorised a 5% cash dividend for 2016.

The approval was confirmed during the Ras Al Khaimah-headquartered real estate developer’s annual general meeting (AGM).

The news follows the company’s announcement of a $47.6m (AED175m) net profit for 2016.

In addition to approving dividend distribution, participants also appointed auditors for the current financial year.

Mohammed Al Qadi, managing director and chief executive officer of RAK Properties, said: “Through the hard work of our partners and the unwavering support of our stakeholders, we emerged from 2016 reporting positive end-of-year results.

“The company achieved revenues in excess of $106m (AED390m) in 2016 – a year-on-year increase of 5.98%, [compared to] the $100.2m (AED368m) accrued in 2015.

“We also posted a consolidated net profit of $47.6m (AED175m), providing us with balanced financial leverage to march forward with our ongoing developments, while strategically positioning us to pursue new vistas of growth,” Al Qadi added.

Earlier this year, RAK Properties revealed details of its newest project within Mina Al Arab, an 81ha island that is to be developed through an investment of $1.36bn (AED5bn).

Construction works have also commenced on the company’s two planned resorts: the 306-key Anantara Mina Al Arab, Ras Al Khaimah; and the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort.

RAK Properties’ latest AGM took place in Ras Al Khaimah on 18 March, 2017.

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