Dubai: RAK Properties reported revenue of Dh193.99 million in the first half of 2022, down from Dh265.10 million in the year-ago period, it reported on Sunday. Net profit shrunk to Dh25.55 million in the same period, compared to Dh119.81 in H1 2021.
The company assets increased marginally to Dh6.23 billion in the first half of this year, compared to Dh6.21 billion in the same period in 2021.
During this period, the company completed and handed over 207 villas and townhouses in the Marbella Villas project in Mina Al Arab. In the Julphar Residence, Reem Island project in Abu Dhabi, 266 apartments have been completed, the company said.
The company’s Intercontinental Ras Al Khaimah Mina Al Arab Resort and Spa hotel has been in operation since February 11, it added, while the construction of the Anantara Mina Al Arab Hotel and Resort is progressing as per plan.
During the six-month period, revenue from sale of properties stood at Dh141.78 million, while hotel operations contributed Dh24.41 million.