RAK Properties registers net profit of AED 68.66 million in the first half of 2011

RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, announced financial results for the first half of the fiscal year that ended June 30, 2011. 

The company has posted a net profit of AED 68.66 million in the first half while its total sales revenue recognized at the end of 6 months operation of the 2011 fiscal year amounted to AED 65.42 million with an increase of AED 18.52 million compared with the corresponding period of last year. 

This announcement was made at the company’s board meeting that was held in its head office in Ras Khaimah where the financial status of the company was discussed along with its operations for the first half of 2011. 

Mohamed Sultan Al Qadi, MD & CEO of RAK Properties who is upbeat on the development of real estate in the UAE said that he is pleased with the company’s achievements in the first half of 2011 and most notably with the timely handover of Julphar Towers in Ras Al Khaimah, RAK Tower in Reem Island in Abu Dhabi and Precinct Five of Mina Al Arab in Ras Al Khaimah. 

He said: “RAK Properties have a strong real estate portfolio. These handovers have further enhanced the position of the company and helped boosting the confidence of the stakeholders.” 

Al Qadi anticipated a constant revenue stream for the company with the rapidly increasing number of units being handed over in its key projects listed above. 

He added: “With the handover of these three projects, we are bringing to the table of our stakeholders an added value as far as their investments in our residential and business units are concerned. We are firmly committed to further drive up this value based on our belief of maintaining world class quality levels in the series of projects we are delivering. This will solidify our premier position in Ras Al Khaimah and the entire UAE.” 

RAK Properties has handed over 213 villas of Precinct Five of its flagship development Mina Al Arab and RAK Tower in Reem Island in Abu Dhabi, one of the first projects to be completed on Al Reem Island. It also delivered Julphar Towers in Ras Al Khaimah two 45-storey towers with top of the range facilities and amenities.