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RAK Properties nets 61% increase in Q1 profit

RAK Properties has reported a 61.41 per cent increase in profits during the first three months of this year, from Dh18.54 million in 2016 to Dh39.88 million.

Similarly, revenues over the corresponding three-month period increased to Dh115.538 million from Dh71.58 million in 2016. RAK Properties' total assets are valued at Dh5.06 billion as of March 31, 2017, an increase on the Dh4.99 billion recorded on March 31, 2016.

RAK Properties managing director and CEO Mohammed Sultan Al Qadi said: "RAK Properties continues to go from strength to strength and our latest sales figures are testament to the confidence investors have in our developments across the UAE."

"Ras Al Khaimah is establishing itself as a strong proposition for investors and home owners alike, with significant demand for waterfront property," Al Qadi added.

RAK Properties has celebrated the groundbreaking on two resorts within Mina Al Arab. The contract for enabling works for the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort was announced earlier this year, following news of progress on enabling work at the 306-key Anantara Mina Al Arab, Ras Al Khaimah.

- business@khaleejtimes.com