RAK Properties net profit jumps 10%

RAK Properties yesterday reported a 10 per cent increase in its net profit for 2017, reaching Dh192 million from Dh175 million in 2016.

Revenues of the company for 2017 were at Dh313 million.

Net operating profit of the Abu Dhabi listed firm increased by 14 per cent to Dh204 million compared to Dh179 million reported for 2016.

The total assets jumped by 3.5 per cent to Dh5.2 billion at the end of 2017 and earnings per share increased to Dh0.10 compared to Dh0.09 reported in 2016.

High quality

In a statement, RAK Properties Managing Director and Chief Executive Officer Mohammad Al Qadi said the doubledigit growth in its net profit reflects the success of the company in 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 North Bay Residences to our residential offerings within Hayat Island, a Dh5 billion investment which is set to be the new social and entertainment hub of Ras Al Khaimah,” he said.

In the hospitality sector, two international hotel brands are under construction and expected to be completed in 2019 including a 306-room Anantara Hotel Resort in Mina Al Arab and a 350-room luxury hotel InterContinental Mina Al Arab Resort.