RAK Properties posts net profit of $14m in Q2
Ras Al Khaimah, July 29, 2013
RAK Properties, a Ras Al Khaimah-based property developer, has earned a net profit of Dh51.10 million ($13.9) in the second quarter (Q2) of this year.
The financial results were announced following the meeting of the board held on July 28, where the board agreed on settling the loan payment of Dh100 million to Ras Al Khaimah Investment and Development Office.
Mohammad Sultan Al Qadi, managing director and CEO, RAK Properties attributed the results to the growing demand on the company’s mega projects including Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi.
Al Qadi added that the residential and commercial units in these projects have witnessed high demand from investors and end-users alike.
The company’s sales revenue in Q1 reached Dh110.52 million, compared to previous year’s figure of Dh451 million for the same period.
Al Qadi said: “Mina Al Arab will command the lion’s share of the company’s focus in the coming period taking into consideration the significance and magnitude of this project and its relevance to the tourism and hospitality sectors as well as retail.” - TradeArabia News Service