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RAK Properties says 2Q net income at Dh51.10 million.

Abu Dhabi:

RAK Properties, Ras Al Khaimah's biggest property developer, said yesterday it earned a net profit of Dh51.10 million in the second quarter of 2013 on sales revenue of Dh110.52 million, which fell sharply from Dh451 million reported for the same period last year.

In a statement to the Abu Dhabi Securities Exchange, RAK Properties, the developer that built Ras Al Khaimah's first manmade islands, said that following the meeting of its Board of Directors late on Sunday, the Board had agreed on settling the loan payment of Dh100 million to Ras Al Khaimah Investment and Development Office.

The stock of RAK Properties on the Abu Dhabi bourse fell 4.84 per cent yesterday, closing at Dh0.59.

Mohammad Sultan Al Qadi, managing director and chief executive, said in the statement there was a growing demand for company's mega projects including Mina Al Arab, Julphar Towers and RAK Tower in Abu Dhabi from investors and end-users alike.

Al Qadi said his company anticipates "remarkable financial results for second half of 2013", adding RAK Properties realises the massive potential of the hospitality and retail industries in Ras Al Khaimah and it adopts a clear strategy based on combining the values of these two industries with the real estate sector to enhance the leading position of Ras Al Khaimah on the regional map as an attractive spot for regional and international investments.

Founded in line with the vision of His Highness Shaikh Saud Bin Saqr Al Qasimi, Ruler of Ras Al Khaimah, RAK Properties aims at supporting and promoting the economic growth of Ras Al Khaimah as well as assisting the emirate's community development initiatives. The company has a sound capital of Dh2 billion.

The initial public offering (IPO) of RAK Properties in early 2005 was over-subscribed by almost 57 times.

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Publication:Gulf News (United Arab Emirates)
Geographic Code:7UNIT
Date:Jul 30, 2013
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