Dubai: RAK Properties has recorded a decline in revenues and net profits for the first nine months, totalling Dh79.17 million and Dh6.12 million. This compares to revenues of Dh269.87 million and Dh74.73 million for the same period last year.
Total assets for the Ras Al Khaimah-focused developer as of end September this year is Dh5.3 billion, with current liabilities at Dh699.19 million, according to a statement put out on the Abu Dhabi bourse. The developer, which is overseeing major works on the Hayat and Al Raha islands, was able to bring down the “cost of revenue” during the latest reporting period — Dh39.1 million against Dh160.17 million a year ago.
On its development portfolio, the company expects to hit some key milestones in the short term. This includes the handover of 144 apartments at the Gateway Residence on Al Raha, located right at the centre of the sprawling Mina Al Arab master development. These are to be handed over next year.
Also heading for a 2019 delivery is the 24-storey Julphar Residence on Al Reem Island. A four-tower, 569 apartment project on the Hayat island will start construction soon, according to RAK Properties.