Total Equity at the end of 9 months operation ended 30th September 2009 amounted to Dhs3.15bn with an increase of Dhs77m compared with the corresponding period of last year.
Mohamed Sultan Al Qadi, MD&CEO of RAK Properties, said that the company is focusing on completing the developments announced to be delivered by end of this year.
Al Qadi expected the company to achieve a growth in profit when delivering the finished projects as profit from the properties sale is not reflected so far in the income statement because the company follows the revenue recognition standards where revenue is recognized at the time of property handover.
RAK Properties is going to hand over some 93 villas in the first stage of its flagship development Mina Al Arab. The company has recently opened a fully furnished sea view show villa in Mina Al Arab for customers see the villa in reality.
Mina Al Arab, the flagship development of RAK Properties was recently awarded by Newsweek magazine (Arabic Edition) as "The Best Developer For The Best Tourist Project".
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RAK Properties net profit Dhs181m by third quarter of 2009
- United Arab Emirates: Saturday, October 17 - 2009 at 15:38
- PRESS RELEASE
RAK Properties (PJSC), the prominent property developer in Ras Al Khaimah, has posted a net profit of Dhs181.49m by the third quarter of 2009.
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About RAK Properties:RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate's plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers - a 45-storied twin office and residential project at a cost of Dhs500m - in February 2006 followed by Mina Al Arab - spread over 43 million sq. feet at a cost of Dhs10bn - in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai 2007 and finally Julfar Residence in Abu Dhabi as well at Cityscape Dubai 2008.
For further information, please contact:
Yasser Mohamed Al Dabach
Senior PR Manager / Shares
RAK Properties
Tel: +971 7 2284777
Fax: +971 7 2272444
Posted by Siba Sami AmmariSaturday, October 17 - 2009 at 15:38 UAE local time (GMT+4)
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