RAK Properties records net profit jump

21/02/2018

   

Description

RAK Properties, one of the leading property developers in the UAE, declared a double-digit growth in its net profit for 2017. The real estate company said its net profit increased by 10 % to AED 192 million in 2017, compared to AED 175 million in 2016. The earnings per share increased to AED 0.10, compared to AED 0.09 in 2016.

RAK Properties declared its revenues for 2017 at AED 313 million. Its net operating profit increased by 14% to AED 204 million for the period ended 31st December 2017, compared to AED 179 million reported for 2016. RAK Properties’ balance sheet reflects robust performance, and sound financial position resulting in total assets jumped by 3.5% to AED 5.2 billion at the end of 2017.

Growth reflects to new lifestyle properties in RAK

RAK Properties Managing Director and Chief Executive Officer Mohammed Al Qadi said: “The company’s strategic growth initiatives highlight its commitment to long-term value creation for the shareholders. The double-digit growth in our net profit for 2017 reflects the success of our focus on delivering high-quality lifestyle properties. A key delivery milestone during the year 2017 was the handover of 157 keys of the Bermuda Villas in Mina Al Arab, Ras Al Khaimah. Bermuda Villas represents a significant addition to the new developments being launched in the emirate. We also added NorthBay Residences to our residential offerings within Hayat Island, a AED 5 billion investment which is set to be the new social and entertainment hub of Ras Al Khaimah.”

New international hotel brands in RAK under construction

In the hospitality sector, two international hotel brands are under construction and expected to be completed in 2019. The first project is a 306-room Anantara Hotel Resort in Mina Al Arab, expected to open late 2019. The resort will feature the emirate's first overwater villas complex inspired by those in the Maldives overlooking the stunning eco-reserves. The second international hotel project is a 350-room Inter-Continental Mina Al Arab Resort, set to open by the end of 2019. The resort will include an array of 5-star facilities facing the Arabian Sea. It will feature a variety of luxury rooms and suites, a health club and spa, two pools, a well-equipped gym and several specialty restaurants.