Arab Today, arab today rak properties achieves aed 160m net profit in 2015
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Arab Today, arab today

RAK Properties achieves AED 160m net profit in 2015

Arab Today, arab today

Arab Today, arab today RAK Properties achieves AED 160m net profit in 2015

UAE market
Ras al-Khaimah - WAM

RAK Properties reported during its board of directors meeting an impressive 23.5 per cent growth in revenues in 2015. A proposal of dividends distribution of 5% cash for the year 2015 was also recommended by the board and will be presented on the company's annual general meeting due to be held on March 12th 2016.

RAK Properties posted a 2.8 per cent increase in net profit to AED 160 million last year, topping 2014's AED 155.7 million. Total revenues for 2015 rose from the previous year's AED 297.8 million to AED 367.8 million, while total assets were valued at AED 4.75 billion. The upbeat figures pushed up company shares 12.5 percent at the close of February 11, 2016 trade.

2015 has seen an impressive growth in RAK Properties ' business portfolio, as it successfully handed over the first phase of Flamingo Villas well before the completion date. The famous Bermuda Villas and phase two of Flamingo villas is progressing. The company also signed hotel operating agreement with Minor Hotel Group to operate Anantara Mina Al Arab Ras Al Khaimah resort.

Mohammed Al Qadi, Managing Director and CEO, RAK Properties , said: ""2015 results reflect the increased level of investments being made in Ras Al Khaimah as it continues to attract regional and international investors to take advantage of its many investment opportunities. We look forward to continuing our strategic approach in promoting our position as a major contributor to the local real estate sector and be a key player in positioning Ras Al Khaimah's as a promising investment destination," concluded Al Qadi.

RAK Properties aims to sustain the momentum of global interest and is currently implementing an ambitious expansion plan to extend its portfolio of large-scale projects including various residential and hospitality expansions highlighting Ras Al Khaimah's natural beauty and rich heritage. RAK Properties enjoys a strong and continuously growing customer base, which prompts the company to further strengthen its leading position through cooperation with a group of prominent international companies.

 

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