RAK Properties' H1 profit Dh225m

RAK Properties has posted a net profit of Dh225 million for the first half of 2008 on top of strong sales in the same period. The earnings per share stands at Dh0.113.

A statement from the company said yesterday that the company sold residential and commercial units worth Dh1.1 billion in the first half of 2008, which is 115.60 per cent over the same period in 2007.

"The sales volume is increasing exponentially and the company is currently looking at expanding into regional and international markets," said Mohammed Sultan Al Qadi, Managing Director and CEO of RAK Properties.

"Since its inception, RAK Properties has adopted a studied approach and built an impressive portfolio. As the most prominent developer in Ras Al Khaimah our continuing growth will contribute substantially to realising the vision of Sheikh Saud bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, to promote the emirate as the region's leading destination for tourism and investment."

The RAK Properties' portfolio boasts residential, commercial and leisure facilities. Its developments in Ras Al Khaimah include Julfar Towers, a Dh500 million twin tower, and Mina Al Arab, a Dh10bn mixed-use waterfront resort community. RAK Properties is also developing RAK Tower, an Dh300m project, in Abu Dhabi.