RAK Properties’ net profit surges 35.6pc
Ras Al Khaimah, February 12, 2013
RAK Properties, the biggest property developer in Ras Al Khaimah, has registered a 35.6 per cent jump in its net profit which hit Dh147 million ($40 million), compared to Dh108.4 million the year before.
A leading UAE developer, RAK Properties saw its sales volumes rise in 2012 to hit Dh596.3 million, compared to previous year’s figure of Dh530.2 million, thus registering an increase of 12.5 per cent.
Impressed with the results, RAK Properties board of directors has proposed a 5 per cent cash dividend for fiscal year ended December 31, 2012.
Mohammad Sultan Al Qadi, the managing director and CEO said the increase in profit came from increased demand for RAK Properties’ key projects, including Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi as well as its early settlement of its Dh184 million loan with Ras Al Khaimah Investment and Development Office of Ras Al Khaimah Government.
"The positive results come at a time when the real estate industry in Ras Al Khaimah is witnessing overwhelming demand from investors, in the face of lucrative opportunities in shopping, retail and hospitality sectors," he observed.
"In 2012, we handed over apartments in buildings constructed in the Lagoon Precinct (P2) as well as the balance units in the VILLA Precincts 4 & 5, Julphar Towers (Residence and Office), and RAK Tower in Abu Dhabi. The trading of residential, office units along with retail space gained momentum during 2012," he added.
Al Qadi pointed out that the real estate outlook for 2013 was promising for RAK Properties. "We have set ambitious plans to develop a five-star hotel in Mina Al Arab as well as residential buildings in Abu Dhabi, subject to availability of finance at attractive terms," he added.-TradeArabia News Service
More Construction & Real Estate Stories
- IPIC to use $4bn pipeline payment to repay debt
- MMG appoints advisor for debt restructuring
- Dar Al Arkan to sell benchmark-sized sukuk
- Bahrain plans $52m spend on infrastructure
- Bahrain launches massive homes revamp
- Arabtec workers stage rare strike
- Schneider Electric unveils new solar products
- Big demand for housing projects at KAEC
- Bahrain real estate prices slump
- Staff shortage hits Bahrain projects