UAE's RAK Properties reports record half-year results

RAS AL KHAIMAH, 27th July, 2017 (WAM) -- RAK Properties PJSC has announced record half year results, with revenues exceeding AED 211 million.

The reported half-year figures reveal an increase from AED 39 million to AED 62 million in net profits from January to June 2017, an increase of 59 percent compared to the same period last year.

The firm, which is listed on the Abu Dhabi Stock Exchange, currently boasts total assets valued at AED 5.11 billion, a significant increase on the AED 4.99 billion recorded at the end of last year.

Commenting on the results, Managing Director and CEO of the company, 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."