Friday, July 28, 2017

RAK Properties half year revenues hit $57.4m

Leading property development firm RAK Properties has announced record half year results, with revenues exceeding Dh211 million ($57.4 million).

The reported half-year figures reveal an increase from Dh39 million ($10.6 million) to Dh62 million ($16.8 million) in net profits from January to June 2017 – up 59 per cent compared to the same period last year.

The firm, which is listed on the Abu Dhabi Stock Exchange, currently boasts total assets valued at Dh5.11 billion ($1.39 billion), a significant increase on the Dh4.99 billion ($1.35 billion) recorded at the end of last year.

Commenting on the results, managing director and CEO Mohammed Sultan Al Qadi said: “Our half year results serves as proof that, with unwavering support from investors for our developments across the UAE, RAK Properties continues to go from strength to strength. Having already completed several key projects and accomplished various operational achievements, we look forward to the remainder of 2017.”

RAK Properties attributes its outstanding half year results to strong off-plans sales backed by exceptional marketing support. With proven excellence in a wide range of projects, the leading property developer is expected to announce additional residential, hospitality and retail projects to further its growth this year, thereby continuing to play a central role in shaping the lifestyle of residents of the UAE. - TradeArabia News Service

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