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RAK Properties posts AED160mn net profit

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RAS AL KHAIMAH / WAM

RAK Properties reported during its board of directors meeting an impressive 23.5 per cent growth in revenues in 2015. A proposal of dividends distribution of 5% cash for the year 2015 was also recommended by the board and will be presented on the company’s annual general meeting due to be held on March 12th 2016.
RAK Properties posted a 2.8 per cent increase in net profit to AED 160 million last year, topping 2014’s AED 155.7 million. Total revenues for 2015 rose from the previous year’s AED 297.8 million to AED 367.8 million, while total assets were valued at AED 4.75 billion. The upbeat figures pushed up company shares 12.5 percent at the close of February 11, 2016 trade.
2015 has seen an impressive growth in RAK Properties’ business portfolio, as it successfully handed over the first phase of Flamingo Villas well before the completion date.
Mohammed Al Qadi, Managing Director and CEO, RAK Properties , said: “2015 results reflect the increased level of investments being made in Ras Al Khaimah as it continues to attract regional and international investors to take advantage of its many investment opportunities,” concluded Al Qadi.

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