Property development firm, RAK Properties, reported a 10% surge in its 2017 net profits, to AED192mn as compared to AED175mn the previous year.
The real estate developer declared its revenues for 2017 at AED313mn. Its net operating profit increased by 14% to AED204mn for the period ended December 31, 2017, compared to AED179mn reported for 2016.
RAK Properties balance sheet reflects robust performance, and sound financial position resulting in total assets jumped by 3.5% to AED5.2bn at the end of 2017.
RAK Properties’ managing director and CEO, Mohammed Al Qadi, said: “The companys strategic growth initiatives highlight its commitment to long-term value creation for the shareholders. The double-digit growth in our net profit for 2017 reflects the success of our focus on delivering high-quality lifestyle properties.”
Al Qadi said a key delivery milestone during 2017 was the handover of 157 keys of the Bermuda Villas in Mina Al Arab, Ras Al Khaimah.
“These villas represents a significant addition to the new developments being launched in the emirate. We also added NorthBay Residences to our residential offerings within Hayat Island, an AED5bn investment which is set to be the new social and entertainment hub of Ras Al Khaimah,” he stated.
In the hospitality sector, two international hotel brands are under construction and expected to be completed in 2019, he added.