Developer made $21.54 million in the first three quarters; to invest $1.36bn in major new development in Ain
RAK Properties, Ras Al Khaimah’s largest property developer listed on the Abu Dhabi Securities Exchange, has reported increased profits during the first nine months of 2016, on revenues of $83 million.
The reported January to September results reveal an 187.9% increase in net profits, when compared to the same period in 2015 – up to $21.54 million from $7.48 million. Revenues over the corresponding nine-month period jumped from $36.42 million last year, to $83 million this year, RAK Properties added in a statement.
To date, the developer’s total assets are valued at $1.29 billion as of September 30, 2016, it added.
“RAK Properties continues to represent a strong and stable proposition for potential investors and our recent results are indicative of the trust we have established in the market,” said Mohammed Sultan Al Qadi, managing director and CEO of RAK Properties.
“Comparing the current year-to-date figures with those of last year highlight strong increases in both revenue and profit. I expect this to continue following the recent development announcements and project handovers that have been made over the past few months.”
The developer earlier this year announced plans to invest $1.36 billion into a major new development at Mina Al Arab. This project will feature a mix of hotels, residential properties and leisure facilities. This will be in addition to Julphar Residence, a 24-floor residential tower on Al Reem Island in Abu Dhabi
Other notable milestones achieved this year include the October handover of Phase II of Flamingo Villas – a full two months ahead of schedule. The company is also working on enabling work for Anatara Mina Al Arab, it added in its statement. Work on the Eco Resort Hotel – Ras Al Khaimah, is also in progress, with operations scheduled to begin in 2018.
Additionally, the Mina Al Arab’s Bermuda Villas are expected to be handed over to owners in 2017.