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RAK Prop registers $11m profit in Q1

Ras Al Khaimah, April 28, 2014

Ras Al Khaimah's biggest property developer RAK Properties has registered a net profit of Dh42 million ($10.9 million) in the first quarter of 2014 compared to Dh40 million last year.

RAK Properties PJSC, Ras Al Khaimah's (RAK) biggest property developer listed on the Abu Dhabi Stock Exchange, revealed its excellent performance for the first quarter of 2014, achieving a net profit of Dh42 million as compared to the Dh40 million posted over the same period in 2013.

The company’s total assets have been pegged at Dh4.7 billion. RAK Properties’ achievement for the first quarter complements its excellent performance in 2013, which saw a net profit of Dh151 million, he noted.

The figures were presented during the company’s recent board meeting held at the company’s offices in RAK. The meeting was presided by Mohammed Hasan Omran, RAK Properties’ chairman.

Announcing the results, Mohammed Sultan Al Qadi, the managing director and CEO, said the UAE-based developer had gained revenues worth Dh86 million in the first three months of 2014.

The company attributes its positive streak to the increasing investor confidence in the emirate’s growth and development. In fact, the company recently announced the addition of 20 more villa units for its flagship development project, Flamingo Villas--bringing the project to construct 124 waterfront villas.

“We went off to a good start in 2014 as the company keyed in a net profit of Dh42 million for the first three months alone," remarked Al Qadi.

"The vibrant performance of the company not only demonstrates the growing interest for our latest range of property offerings but also reinforces Ras Al Khaimah’s position as a premier investment and residential destination for the Middle East region. With industry experts saying that the growth will continue to come in, we are bullish on leveraging our offerings like the Flamingo Villas in Mina Al Arab project, across potential investors—bringing us one step closer to being one of the country’s leading real estate developers,” he noted.

The company recently awarded contract to Al Nuaimi Group to construct 124 waterfront units under the Flamingo Villas project, while also taking charge of infrastructure works development for the Precinct 12 area of the Mina Al Arab project.

The Al Nuaimi Group was selected for the contract because of its solid reputation as one of the UAE’s leading construction and development companies, he added.-TradeArabia News Service




Tags: property | Ras Al Khaimah | RAK |

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