RAK Properties retains upbeat profit tone in first quarter

RAK Properties retains upbeat profit tone in first quarterImage Credit: Supplied

Net profit totalled Dh42 million at RAK Properties for the first three months of the year against Dh40 million a year ago, the developer said in a statement on Monday.

This was on revenues of Dh86 million during the period.

The developer, which is listed on the Abu Dhabi Stock Exchange, recorded net profits of Dh151 million in 2013.

Total assets were pegged at Dh4.7 billion for the first quarter of 2014.

''The vibrant performance not only demonstrates the growing interest for our latest range of property offerings but also reinforces Ras Al Khaimah's position as a premier investment and residential destination for the Middle East region,'' said Mohammad Sultan Al Qadi, managing director and CEO.

''With industry experts saying that the growth will continue to come in, we are bullish on leveraging our offerings like the Flamingo Villas in Mina Al Arab project, across potential investors — bringing us one step closer to being one of the country's leading real estate developers.''

The developer recently awarded a contract to Al Nuaimi Group to build 124 waterfront units under the Flamingo Villas project, while also taking charge of infrastructure works development for the Precinct 12 area of the Mina Al Arab project.

Source: Staff Report, gulfnews.com


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