RAK Properties H1 profit inches up to Dh52m

RAK Properties, listed on the Abu Dhabi Stock Exchange, net profit for the first half of 2014 inched up to Dh52 million, the company said in a statement today.

The reported figures showed a slight increase from the Dh51m posted over the same period in 2013.

The property developer reported revenues of Dh149m with total sales value in excess of Dh234m for the first six months of this year.

RAK Properties’ current total assets are valued at Dh4.7 billion. The first half of 2014 saw the commencement of construction works for the company’s Flamingo Villas project in the Mina Al Arab area, comprising of 124 villas. The company also launched the Bermuda Villas project, a new beachfront community consisting of 157 villas and townhomes ranging from two to six bedrooms.

The company disbursed 5 per cent dividends amounting to Dh100m for the year 2013.

Mohammed Sultan Al Qadi, Managing Director and CEO, RAK Properties, said: “We have been carefully studying the country’s real estate market conditions, which prompted us to study launching new projects, which includes more residential developments and hospitality leisure projects. We are upbeat that the remaining half of 2014 will be very fruitful for us.”

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