RAK Properties, the biggest property developer in Ras Al Khaimah listed on Abu Dhabi Stock Exchange, said it had approved a cash dividend  equivalent to 5 per cent of the capital to the shareholders.

The decision was taken at RAK Properties' general body meeting held today (March 16) at Hilton Ras Al Khaimah Hotel.  The meeting further approved the board of directors report on the company’s activities and financial performance for the fiscal year ended December 31, 2012.

The meeting, which was held today after its postponement on March 9 for the lack of quorum, also voted for and approved the external auditor report for the same period and discussed and approved the balance sheet and the profit & loss statement, said a company statement.

The shareholders approved the proposal of the board to distribute a cash dividend to the shareholders, equivalent to 5 percent of the capital. They also approved the board member’s remuneration and discharged the directors and auditors from liabilities for the 2012 fiscal year.

Moreover, they re-appointed external auditors for the fiscal year of 2013 and approved their fees, it added.

Mohamed Sultan Al Qadi, the managing director and CEO of RAK Properties, said: "We are pleased with the extensive and detailed discussions that took place in the general body meeting. Shareholders expressed their satisfaction over the performance of the company in 2012."

"We also shared with them the vision of the board and its ambitious plans to sustain the growth momentum of the company not only in Ras Al Khaimah but also nationwide in 2013, he added.

RAK Properties had earlier reported a net profit of Dh147 million ($40.1 million), up 35.6 per cent over Dh108.4 million in 2011, said the statement from the company.

The rise in profits for 2012 came from increased demand for the group’s 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, it stated.

RAK Properties recorded an increase in growth of residential, commercial and retail lease in 2012 which, according to Al Qadi, reflects the anticipated continual growth for the company in the coming period.

RAK Properties have boosted its sources of its revenues in 2012, which was a topic of detailed discussion and appreciation by shareholders. The new line is represented by two retail complexes of the company in Julphar Towers and Mina Al Arab, which will ensure a constant revenue stream for the company in the coming period it added.-TradeArabia News Service