Rak Properties reports triple-figure profit jump

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Rak Properties reports triple-figure profit jump
Mohammed Sultan Al Qadi, managing director and CEO, RAK Properties

Published: Mon 7 Nov 2016, 8:29 PM

Last updated: Mon 7 Nov 2016, 11:11 PM

RAK Properties, Ras Al Khaimah's largest property developer listed on the Abu Dhabi Stock Exchange, has reported increased profits during the first nine months of this year, with revenues in excess of Dh305 million between the months of January to September 2016.
The reported January-September end results reveal a 187.9 per cent increase in net profits when compared to the same period in 2015 - up to Dh79.15 million from Dh27.49 million in 2015. Similarly, revenues over the corresponding nine-month period increased from Dh133.80 million in 2015 to Dh305.47 million this year. To date, RAK Properties' total assets are valued at Dh 4.76 billion as of September 30, 2016, an increase on the Dh 4.75 billion recorded on December 31, 2015.
Mohammed Sultan Al Qadi, managing director and CEO, RAK Properties, said: "RAK Properties continues to represent a strong and stable proposition for potential investors and our recent results are indicative of the trust we have established in the market. Comparing the current year-to-date figures with those of last year highlight strong increases in both revenue and profit."
- business@khaleejtimes.com

By Staff Report

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