RAK Properties reports 6% rise in profits
Northern Emirates-based developer announces 5% cash dividend to shareholders on net gains of $47.6m for 2016
Ras Al Khaimah-based property developer RAK Properties has reported a 5.98% rise in profits for 2016, posting a consolidated net profit of $47.6m for the year, and has approved a cash dividend of 5% to its shareholders.
At its annual general meeting held at the Marjan Double Tree by Hilton in Ras Al Khaimah, the Northern Emirates’ largest developer, which is also listed on the Abu Dhabi Stock Exchange, reviewed and approved its activities and its financial position for the year ending December 31, 2016, and approved the recommendation for dividend distribution as well as appointed its auditors for the current financial year.
Declaring the company’s results, Mohammed Al Qadi, managing director and CEO, said: “Through the hard work of our partners and the unwavering support of our stakeholders, we emerged from 2016 reporting positive end-of-year results. The company achieved revenues in excess of $106.2m in 2016 – a year-on-year increase of 5.98% on the $100.2m accrued in 2015. We also posted a consolidated net profit of $47.6m, providing us with balanced financial leverage to march forward with our ongoing developments while strategically positioning us to pursue new vistas of growth.”
Earlier in the year, RAK Properties revealed details of the newest development within its Mina Al Arab project, with an investment of $1.36bn. The 811,420 square metre island, is set to be the new social and entertainment hub of Ras Al Khaimah, the company said.
RAK Properties also started construction on the two planned resorts, with enabling work contracts signed recently for the 306-key Anantara Mina Al Arab, Ras Al Khaimah, and 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort, which signified the entry of the respective hotel groups into the emirate.
According to RAK Properties, these announcements will stimulate further growth and interest in the Mina Al Arab master development and will generate sustainable and recurring income on a long-term basis for the company.
