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RAK Properties posted a 23.5 per cent growth in revenues to Dh367.8 million in 2015. The Ras Al Khaimah-based developer's board of directors has proposed distributing a dividend of five per cent cash for 2015. The proposal will be presented at the company's annual general meeting on March 12.
RAK Properties posted a 2.8 per cent increase in net profit to Dh160 million last year, topping 2014's Dh155.7 million. Total revenues for 2015 rose from the previous year's Dh297.8 million to Dh367.8 million. The developer's total assets were valued at Dh4.75 billion.
RAK Properties handed over the first phase of Flamingo villas ahead of the completion date in 2015. Construction is progressing on the Bermuda villas and phase two of Flamingo villas. The company also signed an operating agreement with the Minor Hotel Group to operate the Anantara Mina Al Arab Ras Al Khaimah resort.
Mohammed Al Qadi, managing director and CEO, RAK Properties, said: "Our 2015 results reflect the increased level of investments being made in Ras Al Khaimah. We look forward to continuing our strategic approach in promoting our position as a major contributor to the local real estate sector and be a key player in positioning Ras Al Khaimah as a promising investment destination."
- business@khaleejtimes.com
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