RAK Properties has announced a 433 percent increase in profits for the first quarter of the year to AED64.14 million ($17.46m), compared to the AED12.04m ($3.28m) reported over the same period in 2020.
Financial results disclosed on Monday also revealed a 2.9 percent rise in the value of assets, from AED5.8 billion ($1.6bn) in the first quarter of 2020, to AED5.97bn ($1.63bn) in Q1 2021.
While company revenues grew by 244 percent to reach AED124.3m ($33.85m) as opposed to AED36.14m ($9.8m) in Q1 2020.
Abdulaziz Abdullah Al Zaabi, chairman of RAK Properties, said: “We are extremely pleased to announce these strong financial results, which reflect the company’s ability to adapt its work to the current conditions, and to continue developing residential and hotel projects that meet the needs of the real estate market, which has great growth opportunities and provide best value for investors and shareholders alike.”
Construction is continuing on RAK Properties’ two residential projects: Marbella Villas in Mina Al Arab, which includes 205 villas and townhouses, and Julphar Residence on Al Reem Island in Abu Dhabi, which includes 266 apartments. The two projects are expected to be delivered later this year.
There are also two future projects underway, the Bay Residence on Hayat Island in Mina Al Arab, and the Gateway Residence 2, a residential tower also situated on Hayat Island.
In terms of hospitality, it is expected that the Intercontinental Resort and Hotel in Mina Al Arab will start operating activities during the last quarter of 2021. While the Anantara Mina Hotel and Resort is scheduled to open its doors in 2022.
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