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16/02/2018 06:01 AST
RAK Properties reported on Thursday a 10 per cent increase in its net profit for 2017, reaching Dh192 million from Dh175 million in 2016.
Revenues of the company for 2017 were at Dh313 million. Net operating profit of the Abu Dhabi listed firm increased by 14 per cent to Dh204 million compared to Dh179 million reported for 2016.
The total assets jumped by 3.5 per cent to Dh5.2 billion at the end of 2017 and earnings per share increased to Dh0.10 compared to Dh0.09 reported in 2016.
In a statement, RAK Properties Managing Director and Chief Executive Officer Mohammad Al Qadi, said the double-digit growth in its net profit reflects the success of the company in delivering high-quality lifestyle properties. "A key delivery milestone during the year 2017 was the handover of 157 keys of the Bermuda Villas in Mina Al Arab, Ras Al Khaimah. Bermuda Villas represents a significant addition to the new developments being launched in the emirate.
"We also added North Bay Residences to our residential offerings within Hayat Island, a Dh5 billion investment which is set to be the new social and entertainment hub of Ras Al Khaimah," he said.
In the hospitality sector, two international hotel brands are under construction and expected to be completed in 2019 including a 306-room Anantara Hotel Resort in Mina Al Arab and a 350-room luxury hotel InterContinental Mina Al Arab Resort.
Gulf News
20/03/2018
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 2
Gulf News
04/10/2017
Reasonable price, accessibility, luxurious amenities and other incentives are driving the real estate market in Ras Al Khaimah. Investors and real estate businesses are heading north, quick to sense
Gulf News
27/09/2017
Comprising one-, two-, and three-bedroom apartments, as well as duplex units, the tower will be surrounded by amenities such as restaurants, shopping options, parks, walkways, and gardens.
Construction Week Online
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15/05/2025
Ithmaar Bank, a Bahrain-based Islamic retail bank, reported profits for the first quarter of the year as it announced its financial results for the three-month period ended March 31.
Ithmaa
BNA
15/05/2025
Aluminium Bahrain (Alba), the world's largest aluminium smelter on one site, has reported a profit of BD18.1 million ($48.2 million) for the first quarter of 2025, a drop of 25.9% year-over-year (YoY
Trade Arabia
15/05/2025
Indosat Ooredoo Hutchison is spearheading the development of sovereign AI to elevate Indonesia's economic trajectory, according to president director and CEO, Vikram Sinha.
"Indosat has a lar
Gulf Times
15/05/2025
Dukhan Bank has announced that Saad al-Kuwari has won the QR1,000,000 grand prize in the latest draw of Thara'a, the bank's Shariah-compliant savings account.
The draw was conducted under the
Gulf Times
15/05/2025
National Investments Company held its Ordinary AGM for the fiscal year ended December 31, 2024, and immediately following this, the Extraordinary General Assembly Meeting was convened on Wednesday, M
Kuwait Times
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia