Dubai: In another boost for UAE’s real estate sector, Ras Al Khaimah’s master-developer RAK Properties recorded net profits of Dh64.13 million for the first three months of 2021, against Dh12.04 million.
The numbers were lifted by other income, at Dh26.05 million compared to Dh10.42 million a year ago. Overall revenues for the first quarter were Dh124.29 million, which is a sharp gain on the Dh36.14 million in first quarter 2020.
Now, stock market investors and real estate sector sources will be awaiting the upcoming results from other blue-chips, such as Emaar and Damac. Deyaar last week came up with its own set of upbeat results last week.
Dh2.47billionValue of investment properties with RAK Properties. The emirate's government has granted plots with an aggregate area of 67 million square feet on the condition that these lands undergo development.
“Whilst the existing and anticipated effects of the outbreak of COVID-19 on the economies and businesses are expected to evolve in an uncertain manner, we are cautiously optimistic that the pandemic would be brought under control with the numerous vaccines being deployed, and a semblance of ‘new normality’ expected to arise thereafter,” RAK Properties said in a statement. “The company has taken various measures, amongst others, in a proactive manner to ensure safety and wellbeing of its employees, strategic review of business plans, organisational changes, monitoring of cashflows and costs rationalisation measures.”