Sunday, Mar 19, 2017
Dubai: RAK Properties said it has authorised the distribution of five per cent as cash dividend during its Annual General Meeting.
The AGM reviewed and approved the company’s activities and its financial position as reported by the Auditor for the year ending December 31, 2016. After discussing and approving the corporate Balance Sheet statements, the AGM approved the recommendation for dividend distribution and appointed the auditors for the current financial year.
The company achieved revenues in excess of Dh390 million in 2016 — a year-on-year increase of 5.98 per cent on the Dh368 million accrued in 2015. The company also posted a consolidated net profit of Dh175 million.
“The results provided us with balanced financial leverage to march forward with our ongoing developments while strategically positioning us to pursue new vistas of growth.” Mohammed Al Qadi, Managing Director and CEO, RAK Properties, said in a statement.
Earlier in the year, RAK Properties revealed details of the newest development within Mina Al Arab with an investment of Dh5 billion.
Staff Report
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