RAK Properties sees 243% higher net profits in Q1-20

The company's revenues declined by 22.9%

  
RAK Properties showcases its latest developments in Dubai

RAK Properties showcases its latest developments in Dubai

RAK Properties / Handout via Zawya

Abu Dhabi – Mubasher: The net profits of RAK Properties jumped by 243% to AED 12.04 million during the first three months of 2020, compared to AED 3.51 million in the same period of 2019.

The company's revenues declined by 22.9% to AED 36.1 million in the first quarter (Q1) of 2020 from AED 46.4 million in the corresponding period of 2019, according to the company's unaudited interim consolidated financial results for the period ended on 31 March 2020.

Meanwhile, the total assets of the Abu Dhabi Securities Exchange (ADX)-listed developer rose by 1% to AED 5.65 billion in the January-March period in 2020 from AED 5.59 billion in the corresponding period of the year before.

Earnings per share (EPS) stood at AED 0.006 in Q1-20, versus AED 0.002 in the same period of the previous year.

In 2019, the company's net profits decreased by 33% to AED 101 million, compared to AED 151 million in 2018.

Source: Mubasher

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