RAK Properties, a property developer listed on the Abu Dhabi Stock Exchange, on Monday said net profit rose marginally to Dh42 million in first quarter 2014 from Dh40 million same period last year.
The company revenues stood at Dh86 million. No comparative figures were given. The company's total assets were valued at Dh4.7 billion.
Mohammed Sultan Al Qadi, Managing Director and CEO, RAK Properties, said, "We went off to a good start in 2014 as the company keyed in a net profit of Dh42 million for the first three months alone. The vibrant performance of the company not only demonstrates the growing interest for our latest range of property offerings but also reinforces Ras Al Khaimah's position as an investment and residential destination for the Middle East region."
In 2013, the developer made a net profit of Dh151 million.
The developer recently awarded contract to Al Nuaimi Group to construct 124 waterfront units under the Flamingo Villas project, while taking charge of infrastructure works development for the Precinct 12 area of the Mina Al Arab project.
© Emirates 24|7 2014
