Assets rise $32m at UAE's RAK Properties in H1 2018
The latest UAE developer to release its H1 2018 results, RAK Properties reported a "healthy net profit" of $8m with total revenue standing at $20.3m
RAK Properties is the latest UAE firm to release its 2018 first half results, reporting a total of $1.44bn (AED5.28bn) in net assets for the six months of 2018.
As of 30 June, the Ras Al Khaimah-based developer increased its total assets by more than $31.8m (AED117m). The developer said this demonstrated “a further improvement on an already strong balance sheet".
With this in mind, total net assets at the group stood at $1.44bn (AED5.28bn), a slight increase on $1.40bn (AED5.16bn) declared by RAK Properties at the end of 2017.
According to its results, net profits in the first six months of this year stood at a "healthy" $7.9m (AED29m), with $20.3m (AED75.43m) of net revenue brought in during the same period.
Commenting on the figures, RAK Properties's managing director, Mohammed Sultan Al Qadi, said: “The company is making significant headway on residential projects both under construction and due to launch over the next year.
"We see robust and positive results for the upcoming second half of the year."
RAK Properties has started constructing the Anantara and Intercontinental hotels in Mina Al Arab, both of which it said would “strengthen the recurring revenue portfolio in the future”.
The 306-room Anantara is expected to open at the end of next year and will feature the emirate's first over-water villas inspired by those found in the Maldives, with views of Mina Al Arab's eco-reserves.
Breaking ground in the last quarter of 2018, the 183-room Gateway Arjaan by Rotana, also part of the Mina Al Arab, is set to expand RAK Properties' portfolio.
“We hope 2018 is going to be another successful year for RAK Properties,” the group added its statement.
“The year 2019 looks robust with the delivery of two residential projects and two hospitality projects.”