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28 March 2024

RAK Properties’ 9-month profit up 5.2% to Dh74.4m

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By Staff

RAK Properties on Sunday said its 9-month profit rose to Dh74.4 million compared to Dh70.7 million in the same period last year, an increase of 5.2 per cent.

Its revenues reached Dh215.7 million compared to Dh219.5 million. The property developer’s assets slightly fell to Dh4.63 billion from Dh4.69 billion.

The company said construction of ‘Flamingo Villas’ in the Mina Al Arab flagship project has been progressing as per the development schedule. The company achieved sales of 92 per cent of the total units under development.

The developer announced that the sale and construction programme are progressing as per schedule and the ground breaking of its new ‘Bermuda Villas’ project is expected in the fourth quarter of 2014.

The company said it will announce new projects in the residential and hospitality segments in the fourth quarter of this year.

The Abu Dhabi-listed property developer’s shares were up nearly one per cent in the early morning trade.