RAK Properties reported a 70 percent surge in first half net earnings off the back of a 55 percent jump in revenue.
Ras Al Khaimah’s biggest property developer listed on the Abu Dhabi Stock Exchange booked net profit of AED 38.69mn ($10.5mn) for the six months to 30 June compared to AED 22.69mn for the corresponding period of 2015.
Revenue for the period jumped to AED 147mn from AED 92.04mn in 2015, the company announced.
Total assets were valued at AED 4.77bn as of June 30, up slightly from AED 4.75bn recorded on December 31, 2015.
Mohammed Sultan Al Qadi, Managing Director and CEO of RAK Properties, said: The results for the first half of 2016 are a clear indication of the companys strong position in the market place.
Despite the downturn being experienced across the industry, demand is still there and reputable developers such as RAK Properties have established trust with local, regional and international buyers and investors.
RAK Properties will launch a number of new residential projects during Cityscape Global exhibition in Dubai this week.
Senior officials and spokespeople from the company will be present throughout the exhibition at stand number S3F30, Hall 3 to address any queries and interact with potential buyers and existing customers.