By Paromita Dey
Figures reveal net profits rise to $10.5m compared with $6.1m in 2015
Ras Al Khaimah based developer RAK Properties has reported 70% increase in its net profits during the first half of 2016.
The reported half-year figures reveal that the net profits rose up to $10.5m (AED38.6m), compared with $6.1m (AED22.6m) in 2015.
Revenues increased to $40m (AED147.1m) in the first half of 2016, as against $25m (AED92m) in 2015.
To date, RAK Properties’ total assets are valued at $1.2bn (AED4.7bn) as of June 30, 2016.
Mohammed Sultan Al Qadi, managing director and CEO of RAK Properties, said: “The results for the first half of 2016 are a clear indication of the company’s strong position in the market place.
"Despite the downturn being experienced across the industry, demand is still there and reputable developers such as RAK Properties have established trust with local, regional and international buyers and investors.”
During September’s Cityscape Global exhibition in Dubai, RAK Properties will launch a number of new residential projects.real estate news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.