RAK Properties net profit surges 76.31% in 2021 on higher sales

the Abu Dhabi-listed company said its revenues also soared 112 per cent to Dh51 million from Dh243 million in 2020, reflecting a substantial improvement in line with the company’s annual comprehensive income which climbed to Dh200 million in 2021 from Dh99 million in the previous year



The company continued to invest in the development of residential and hospitality properties and recorded high number of sales in Marbella Villas project and Al Marsa plots. — File photo
The company continued to invest in the development of residential and hospitality properties and recorded high number of sales in Marbella Villas project and Al Marsa plots. — File photo

By Staff Report

Published: Sun 13 Feb 2022, 2:23 PM

RAK Properties on Sunday said its annual net profit surged 76.31 per cent last year to Dh201 million from Dh114 million in 2020 due to higher sales in Marbella Villas project and Al Marsa plots.

In a statement, the Abu Dhabi-listed company said its revenues also soared 112 per cent to Dh51 million from Dh243 million in 2020, reflecting a substantial improvement in line with the company’s annual comprehensive income which climbed to Dh200 million in 2021 from Dh99 million in the previous year.

The company continued to invest in the development of residential and hospitality properties and recorded high number of sales in Marbella Villas project and Al Marsa plots.

Abdul Aziz Abdullah Al Zaabi, chairman of RAK Properties, expressed his pride with the achieved results and said that the company’s activities during 2021 focused mainly on real estate development, property management, facilities management, as well as selling and leasing activities, hospitality sector and other related real estate services. He said RAK Properties is on the verge of even more exceptional performance in the coming period, with the forthcoming delivery of more projects.

In terms of the company’s developments, he said that the Marbella project is a luxury residential complex consists of 207 villas on the beachfront in Hayat Island, Mina Al Arab, is currently ready for delivery. He added that works on the Julphar Residence Project on Al Reem Island in Abu Dhabi, a residential building consists of 266 apartments, are near completion, and is expected to be released to the market in the first quarter of this year.

The chairman said that the InterContinental Ras Al Khaimah Mina Al Arab Resort and Spa, RAK Properties’ first five-star luxury hospitality asset, has reached its final stages and will open soon, adding that construction is continuing according to plan on the Anantara Mina Al Arab Resort Project in Ras Al Khaimah, is the next luxury five-star hospitality asset.

Al Zaabi explained that RAK Properties is focusing in the medium- and long-term on diversifying revenue streams and increasing working capital appreciation to boost the balance sheet of the company. He said that RAK Properties continues to invest in infrastructure development in the Mina Al Arab complex as part of its strategy to maximise the value of the complex and to enhance the investment of investors and customers and to increase number of residence in Mina Al Arab community.

— muzaffarrizvi@khaleejtimes.com


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