Posts 9.4% growth in net profits
RAS AL KHAIMAH
Ras Al Khaimah property developer, RAK Properties, has reported a 9.38 per cent increase in it net profits for 2016 compared to the previous year, and a 5.98 per cent increase in its revenue across the same period. It did not give dirham values.
The developer stated that it achieved revenues in excess of Dh390 million in 2016, a year-on-year increase of 5.98 per cent on the 2015 revenues of Dh368 million.
The reported 2016 results reveal a 9.38 per cent increase in net operating profits compared to the 2015 – up Dh175 million from Dh160 million in 2015.
As of December 31 2016, RAK Properties’ total assets were valued at Dh4.99 billion, an increase of 5.05 per cent on the Dh4.75 billion of total assets reported in 2015.
Managing director and CEO, Mohammed Sultan Al Qadi, said: “Last year presented a number of achievements for RAK Properties, including the announcement of further developments within Mina Al Arab. We have already started this year on a strong footing with further hand overs and launches expected, 2017 promises greater success for RAK Properties, with a long term plan to launch projects worth AED5 billion) until 2021.”
RAK Properties formally handed over Phase 2 of Flamingo Villas in October 2016, two months ahead of schedule.
The new year began with the commencement of the enabling works at the 306-key Anantara Mina Al Arab, Ras Al Khaimah, as well as the enabling works contract for the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort being awarded.
Throughout 2017, RAK Properties is expected to announce additional residential, hospitality and retail projects.
— Wam