RAK Properties posts $29m net profit
Ras Al Khaimah, February 23, 2012
RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, has registered a net profit of Dh108.4 million ($29.5 million) for 2011.
Announced its full-year financial results, RAK Properties said its profits came from the delivery of major projects such as Mina Al Arab, Julphar Towers and RAK Tower in 2011.
This demonstrates RAK Properties’ strong portfolio and growing revenue streams driven by increasing number of units being handed over in key projects, it stated.
The company said its total sales revenue at the end of the 2011 fiscal year amounted to Dh520.6 million.
Commenting on the results at the annual board meeting, Mohamed Sultan Al Qadi, tthe managing director and CEO of RAK Properties, said these results hint at the gathering recovery of the UAE real estate sector.
'Major projects were delivered in 2011, leading to a stronger and cordial relationship between RAK Properties and its shareholders and customers,' Al Qadi observed.
'The RAK Properties teams in all departments contributed significantly to this positive scenario,' he stated.
The UAE-based firm, he said, was adding a new revenue stream to its operations by launching retail and leasing services in Mina Al Arab and Julphar Towers in the coming year.
'We have already started achieving a revenue stream from the leasing of the residential units in three projects located in Ras Al Khaimah and on Al Reem Island in Abu Dhabi,' Al Qadi added.
Al Qadi said the handover of RAK Properties' flagship real estate projects in 2011 proves its leading position in the industry and its contribution to the national economy of the UAE.
'In addition, delivering these projects on schedule and within budget in 2011 has strengthened the relationship with our clients,” he added.-TradeArabia News Service