Rak Properties net profit up nearly 3% to Dh160m in 2015

Rak Properties recorded a profit of Dh160 million in 2015, up nearly 3 per cent from Dh155.7 million in 2014, according to a statement on the Abu Dhabi Stock Exchange on Wednesday.

Revenue for the previous year touched Dh367.8 million, an increase from Dh297.8 million in 2014. Operating profit rose year-on-year to Dh222.3 million, while gross profit increased to Dh134.5 million.

The Ras Al Khaimah developer’s total assets were valued at Dh4.75 billion last year, according to the statement.

Rak Properties on Wednesday said that it has appointed American firms Perkins Eastman and Wilson Associates to design the Anantara Mina Al Arab Ras Al Khaimah Resort, which is set to open in 2018.

Last year, Rak Properties launched the second phase of Flamingo Villas, a 104-villa project in the Mina Al Arab development.

It also signed up the Minor Hotel Group to operate the upscale 250-room Anantara Mina Al Arab Ras Al Khaimah Resort.

The company’s shares on the Abu Dhabi stock exchange rose 14.29 per cent, closing at 0.56 fils on Wednesday.



Source: Staff Report, gulfnews.com GN


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