RAK Properties reveals first-half results

11/08/2011 - Dubai Property News Posted by Neil King
RAK Properties reveals first-half results

RAK Properties, Ras Al Khaimah's leading property developer has posted its latest financial results, with the report showing a marked improvement in profits.Data from the report shows that the firm posted a net profit of AED 68.66million in the first six months of the year.Furthermore, the accounts for the six months to the end of the 2011 fiscal year showed total sales revenue of AED 65.42 million, an increase of AED 18.52 million when compared to the same period in the previous year.Mohamed Sultan Al Qadi, manging director and chef executive officer of the firm, cited the handover of Julphar Towers in Ras Al Khaimah, RAK Tower in Reem Island in Abu Dhabi and Precinct Five of Mina Al Arab in Ras Al Khaimah as key drivers of the company's performance."RAK Properties have a strong real estate portfolio. These handovers have further enhanced the position of the company and helped boosting the confidence of the stakeholders," he commented."With the handover of these three projects, we are bringing to the table of our stakeholders an added value as far as their investments in our residential and business units are concerned."