RAK Properties' numbers hold strong in first-half 2020, profit at Dh26.72m
Key project completions provide impetus for impressive second quarter numbers
Dubai: RAK Properties managed an increase in net profit for the six-month period, totaling Dh26.72 million against the Dh16.23 million in the first-half of 2019.
The numbers could have been better if not for a Dh15.28 million change in “fair value” of investments in year to end June. But there was strong revenue generation right through this period, reflecting gains from handovers effected through the period. Revenues totaled Dh120.01 million, a sharp increase on the Dh79.76 million generated a year ago.
The second quarter of 2020 was particularly strong for the Ras Al Khaimah based master-developer, pulling in Dh83.87 million. As against that, the April to June period last year fetched only Dh33.32 million.
