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10 June 2023

RAK Properties reports Dh160mn net profit for 2015

Mohammed Al Qadi, CEO, RAK Properties (Supplied)

By Staff

RAK Properties, Ras Al Khaimah-based developer, said net profit for 2015 rose by 2.8 per cent to Dh160 million compared to Dh155.7 million in 2014.

Total revenues rose 23.5 per cent to Dh367.8 million from Dh297.8 million, while total assets were valued at Dh4.75 billion.

A proposal of dividends distribution of 5 per cent cash for 2015 has been recommended by the board and will be presented on the company's annual general meeting due to be held on March 12.

In 2015, the company handed over the first phase of Flamingo Villas. The Bermuda Villas and phase two of Flamingo villas are progressing, while the company has signed hotel operating agreement with Minor Hotel Group to operate Anantara Mina Al Arab Ras Al Khaimah resort.

Mohammed Al Qadi, CEO, RAK Properties, said: “2015 results reflect the increased level of investments being made in Ras Al Khaimah as it continues to attract regional and international investors to take advantage of its many investment opportunities. We look forward to continuing our strategic approach in promoting our position as a major contributor to the local real estate sector and be a key player in positioning the emirate as a promising investment destination.”