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Sun 3 Aug 2014 01:57 PM

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RAK Properties posts marginal rise in H1 net profit

Company CEO says eyeing more project launches as he expects 'very fruitful' remainder of 2014

RAK Properties posts marginal rise in H1 net profit
The groundbreaking ceremony for Flamingo Villas.

RAK Properties, Ras Al Khaimah's biggest property developer, on Sunday posted a marginal increase in net profit in the first half of 2014 compared to the same period last year.

The company said in a statement that it earned net profits totalling AED52 million, compared to AED51 million in H1 2013.

It also revealed revenues amounting to AED149 million with total sales in excess of AED234 million for the first six months of this year.

To date, RAK Properties’ current total assets are valued at AED4.7 billion, the statement said.

The first half of 2014 saw the start of construction works for the company’s Flamingo Villas project in the Mina Al Arab area, comprising of 124 villas.

On the back of strong demand for waterfront property, the company said it also launched the Bermuda Villas project, a new beachfront community consisting of 157 villas and townhomes ranging from two to six bedrooms.

The company also disbursed five percent dividends amounting to AED100 million for 2013.

Mohammed Sultan Al Qadi, managing director and CEO, RAK Properties, said: “We are pleased with the company’s strong performance for the first half of the year—which is a clear indication of RAK Properties’ continuous growth and the increasing confidence in RAK as a strategic place to build your business and your home.

"We have also been carefully studying the country’s real estate market conditions, which prompted us to study launching new projects, which includes more residential developments and hospitality leisure projects. We are upbeat that the remaining half of 2014 will be very fruitful for us.”

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