Works contract for InterContinental Ras Al Khaimah Mina Al Arab resort awarded
RAK Properties, Ras Al Khaimah’s largest property developer listed on the Abu Dhabi Stock Exchange, has reported 9.38% net profit growth and increased profit margins for 2016.
The company, which has been leading the residential and commercial development of Ras Al Khaimah while rolling out a series of additional projects across the United Arab Emirates, revealed its end-of-year financial results in a press statement following a board meeting last week.
RAK Properties achieved revenues in excess of $106.18 in 2016, a year-on-year increase of 5.98% over 2015 revenues of $100.19 million.
The reported 2016 results reveal a 9.38% increase in net operating profits to $47.65 million from $43.56 million in 2015. As of December 31 2016, RAK Properties’ total assets are valued at $1.359 billion, an increase of 5.05 per cent on the $1.293 billion of total assets reported in 2015.
Commenting on the results, managing director and CEO Mohammed Sultan Al Qadi said: “We have already started this year on a strong footing with further hand-overs and launches expected, 2017 promises greater success for RAK Properties, with a long term plan to launch projects worth $1.361 billion until 2021”.
RAK Properties formally handed over the second phase of Flamingo Villas in October, two months ahead of schedule, marking a further milestone delivery within Ras Al Khaimah’s Mina Al Arab community.
Following the announcement of several international hotel brands choosing Mina Al Arab for their first foray in Ras Al Khaimah, the works contract for the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort has also been awarded.