RAK Properties profit more than doubles in Q1 2017

UAE-based developer RAK Properties announced that revenues at the company increased by 61% in the first quarter of 2017

revenues at the company increased by 61% in Q1 2017.
revenues at the company increased by 61% in Q1 2017.

UAE-based developer RAK Properties announced that revenues at the company increased by 61% in the first quarter of 2017.

Profit increased to $11m (AED39.9m) from $5m (AED18.5m) a year earlier despite slower market conditions, according to The National.

RAK Properties recorded $28m (AED102m) from property sales in the first quarter of 2017, up from $16m (Dh59.2m) during the same period a year earlier, and has attributed this hike to a 72% increase in property sales revenues.

In March, RAK Properties authorised a 5% cash dividend for 2016 and announced a $47.6m (AED175m) net profit for the previous year.

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

 

 

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