RAK Properties’ first quarter net profit more than doubles

Dubai:

RAK Properties said on Sunday its first quarter net profit more than doubled on rising revenues.

The company’s net profit jumped to Dh39 million from Dh18 million in the same period last year, it said in a statement posted on Abu Dhabi Securities Exchage’s website.

Total assets stood at Dh5 billion, whereas liabilities were at Dh591 million.

Last year, the company had a consolidated net profit of Dh175 million. The company achieved revenues in excess of Dh390 million in 2016 — a year-on-year increase of 5.98 per cent on the Dh368 million accrued in 2015.