RAK Properties Posts 59 Percent Jump in H1 Net Profit

Press release

Published July 30th, 2017 - 10:14 GMT

RAK Properties managing director and CEO Mohammed Sultan Al Qadi

RAK Properties, a leading property development firm in the UAE, reported a net profit of Dh62 million ($16.88 million) for the first half (H1) of this year, an increase of 59 per cent compared to the same period last year.

The company posted a revenue of Dh211 million ($57.44 million) for H1 2017.

The firm, which is listed on the Abu Dhabi Stock Exchange, currently has total assets valued at Dh5.11 billion ($1.39 billion), a significant increase on the Dh4.99 billion ($1.36 billion) recorded at the end of last year, it said.

RAK Properties managing director and CEO Mohammed Sultan Al Qadi said the results prove that RAK Properties continues to go from strength to strength.

RAK Properties attributes its outstanding half-year results to strong off-plans sales backed by exceptional marketing support. -

Source: TradeArabia

Background Information

RAK Properties

RAK Properties is a Public Joint Stock Company (PJSC) formed in 2005 with the support of the Government of Ras Al Khaimah (RAK).

Founded in line with the vision of His Highness Sheikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties aims at supporting and promoting the economic growth of Ras Al Khaimah as well as assisting the emirate’s community development initiatives. RAK Properties will also maximize shareholders’ value through its development projects in the coastal and inland areas of Ras Al Khaimah.