RAK Properties said its board approved increasing the cash dividend to 6 per cent of the nominal value of share (6 fils per share), up from the recently recommended 5 per cent.
“The year 2017 was another very successful year for the company despite volatility in the real estate market. With the full support of our partners and stakeholders, RAK Properties managed to record double-digit growth in its net profit and net operating profit for the period ending on December 31st 2017,” said Mohammad Al Qadi, Managing Director and CEO of RAK Properties, in a statement.
RAK Properties declared a net profit of Dh192 million for 2017 compared to Dh175 million for 2016, showing year-on-year growth of 10 per cent. This represents an earnings per share increase of Dh0.10 compared to Dh0.09 declared the previous year.