RAK Properties posts record H1 revenue

Revenues exceeding $35.12mln

RAK Properties, one of the UAE’s leading property development and tourism infrastructure companies, has announced record half year results, with revenues exceeding AED120 million ($35.12 million).
The reported half-year figures reveal a 65% increase in net profit at AED27 million compared to AED16 million reported at the same period last year.
The firm, which is listed on the Abu Dhabi Stock Exchange, currently boasts assets valued at AED5.67 billion compared to AED5.59 billion recorded last year.
Mohammed Sultan Al Qadi, Managing Director of RAK Properties, said: “Our half year results serve as a proof of the unwavering support from our investors. Having already completed several key projects and accomplishing various operational milestones, we look forward to the reminder of 2020.”
During the period RAK Properties announced the handover of Gateway Residence and reported construction progress at Marbella Villas, a beachfront development situated in Mina Al Arab, Ras Al Khaimah. Added Al Qadi
RAK Properties attributes its outstanding half-year results to its diverse portfolio, with strong sales for its best-in-class waterfront homes at Marbella Villas backed by exceptional payment facilities. The company also commenced the sales of Al Marsa Plots, a residential waterfront plots located in Ras Al Khaimah.
Both InterContinental Hotel and Resort, Mina Al Arab and Anantara Mina Al Arab Hotel & Resort will play a vital role within RAK Properties’ hospitality offering which will cater to the increasing demand for local and global leisure travel, and thereby shaping the lifestyle of residents of Ras Al Khaimah and contributing to the Emirate’s development, the statement said. - TradeArabia News Service

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