RAK Properties reports 9.38% increase in net profits for 2016

Posted on 20th February 2017

Ras Al Khaimah property developer, RAK Properties, has reported a 9.38% increase in its net profits for 2016 compared to the previous year, and a 5.98% increase in its revenue across the same period.


The developer stated that it achieved revenues in excess of $106m (AED390m) in 2016, a year-on-year increase of 5.98% on the 2015 revenues of $100m (AED368m).

The reported 2016 results reveal a 9.38% increase in net operating profits compared to the 2015 – up $47.65m (AED175m) from $43.56m (AED160m) in 2015.

As of December 31 2016, RAK Properties’ total assets were valued at $1.36bn (AED4.99bn), an increase of 5.05% on the $1.3bn (4.75bn) of total assets reported in 2015.

Managing director and CEO, Mohammed Sultan Al Qadi, said: “Last year presented a number of achievements for RAK Properties, including the announcement of further developments within Mina Al Arab.

We have already started this year on a strong footing with further hand overs and launches expected, 2017 promises greater success for RAK Properties, with a long term plan to launch projects worth $1.36bn (AED5bn) until 2021.”

RAK Properties formally handed over Phase 2 of Flamingo Villas in October 2016, two months ahead of schedule, according to Tradearabia news report.

The new year began with the commencement of the enabling works at the 306-key Anantara Mina Al Arab, Ras Al Khaimah, as well as the enabling works contract for the 350-key InterContinental Ras Al Khaimah Mina Al Arab Resort being awarded.

Throughout 2017, RAK Properties is expected to announce additional residential, hospitality and retail projects.

Back to all Construction News

Share this story: