Abu Dhabi – Rak Properties has logged net profits worth AED 25.55 million during the first half (H1) of 2022, a decrease from AED 119.80 million in H1-21.

The revenue plunged to AED 193.99 million in the first six months (6M) of 2022 from AED 265.09 million in H1-21, according to the unaudited financial results.

The basic and diluted earnings per share (EPS) fell to AED 0.013 in H1-22 from AED 0.060 in H1-21.

During the second quarter (Q2) of 2022, Rak Properties posted a drop in net profit to AED 4.92 million, compared to AED 55.67 million in the year-ago period.

Meanwhile, the company’s revenues amounted to AED 86.74 million in Q2-22, versus AED 140.80 million during the same period a year earlier. The basic and diluted EPS plummeted to AED 0.002 in Q2-22 from AED 0.028 in Q2-21.

Last year, the UAE-based real estate developer reported net profits of AED 201.47 million, a hike from AED 113.52 million in 2020.

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