RAK Properties’ net profit soars to Dh79.15m

Dubai: New launches and increased handovers helped RAK Properties pull off a 187.9 per cent increase in net profit to Dh79.15 million for the first nine months. This was built on revenues of Dh305 million. “Comparing the current year-to-date figures with those of last year highlights strong increases in both revenue and profit,” said Mohammad Sultan Al Qadi, managing director and CEO. “I expect this to continue following the recent development announcements and project handovers that have been made over the past few months.”

The developer had total assets of Dh4.76 billion as of September 30, 2016, an increase on the Dh4.75 billion on December 31, 2015.