Dubai: RAK Properties reported a 9.38 per cent increase in net operating profits to Dh175 million in 2016 compared to Dh160 million a year earlier.
Ras Al Khaimah’s largest property developer achieved revenues in excess of Dh390 million during the period, registering a year-on-year increase of 5.98 per cent on the 2015 revenues of Dh368 million, it said in a statement on Sunday.
As of December 31, 2016, RAK Properties’ total assets are valued at Dh4.99 billion, an increase of 5.05 per cent compared to Dh4.75 billion in 2015.
“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 Dh5 billion until 2021,” Mohammad Sultan Al Qadi, Managing Director and CEO of RAK Properties, said in a statement.
Throughout 2017, the company is expected to announce additional residential, hospitality and retail projects to further its growth, each timed and developed upon the real estate market outlook, funding options, demand and supply parameters.
