RAK Properties to distribute $27.2m profit
Ras Al Khaimah, March 16, 2014
RAK Properties, the leading property developer in Ras Al Khaimah, has announced plans to distribute 5 per cent or up to Dh100 million ($27.2 million) from last year's profit to its shareholders.
At the AGM, the RAK properties board also approved the proposal to transfer Dh1 billion of retained earnings to statutory and regular reserves respectively.
The company reported an excellent performance for 2013 with a net profit of Dh151 million compared to Dh147 million the previous year besides announcing the addition of more villa units into its flagship development project, Flamingo Villas.
Commenting on the results, Mohammad Sultan Al Qadi, the managing director and CEO, said: "2013 was a very fruitful year for the company, which witnessed increased net profits of Dh151 million. Last year also saw the successful completion and eventual turn-over of several projects in RAK and Abu Dhabi."
"Another highlight is the overwhelming response that we received for our Flamingo Villas project at Cityscape Global 2013, which has prompted us to add more villas and offer them for sale starting this weekend (March 15, 2014)," he stated.
"Industry reports have shown that 2014 will be an even stronger year for the real estate segment—giving us more confidence to leverage our diverse portfolio of property offerings, thereby consolidating our leading position across the country’s rapidly developing real estate industry," added Al Qadi.
On its completed projects for 2013, he said the company was able to hand over 192 residential units—which include villas, townhouses, apartments and commercial offices in Mina Al Arab and Julphar Tower in Ras Al Khaimah and the RAK Tower in Reem Island in Abu Dhabi.
RAK Properties is one of the largest real-estate developers in the GCC and is currently engaged in a massive expansion phase. The company has developed a large and strong clientele, thereby enhancing its standing by bringing in top international brands to its projects.-TradeArabia News Service