RAK Properties posts 10% jump in net profit for 2017

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

News

RAK Properties’ AGM approves cash dividend of 6% for 2017

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

RAK real estate comes into its own

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

RAK Properties to complete Northbay Residence tower by 2020

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

Most Viewed Companies

Ticker Price Volume

Valuation

RAKPROP Sector Market
P/E
Price/BookValue
Dividend Yield (%)

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
ERES 10.70 0.10 (0.94%)
BRES 35.89 0.58 (1.64%)
MABANEE 700.00 7.00 (1.01%)
UDCD 13.90 0.00 (0.00%)
REAM 1,572.00 0.00 (0.00%)

Recent News

Bank Nizwa participates in Malaysia industry event

20/08/2019

Bank Nizwa, represented by two of its Board Members, Sami Al Dhugishi and Ishaq Al Maouli along with Chief Executive Officer, Khalid Al Kayed, participated in the 2nd Islamic Financial Services Board

Times of Oman

Emirates NBD stands chance to renegotiate Denizbank acquisition

14/08/2018

The sharp decline of the Turkish lira in recent weeks has triggered speculation in banking circles that Emirates NBD stands a chance to renegotiate its deal to acquire Denizbank as the valuation has

Gulf News

Eshraq reports best half-year since 2014

14/08/2018

Abu Dhabi-listed Eshraq Properties reported a first-half net profit of Dh14.8 million, compared to a loss of Dh0.32 million in the first half of 2017. The property firm said in a press statement that

Gulf News

Damac and RHG to launch Radisson Hotel

14/08/2018

Damac Properties has signed a landmark agreement with Radisson Hotel Group (RHG) to develop and launch the ‘Radisson Hotel, Dubai Damac Hills’, its first, newly launched Radisson-branded property wor

The Gulf Today

Adnoc Distribution net profit up 18pc in H1

14/08/2018

Abu Dhabi National Oil Company for Distribution (Adnoc Distribution) has reported that net profit for the six months ended June 30, 2018, increased by 18 per cent to Dh1.124 billion ($306 million) co

Trade Arabia

logo

Market Information Trading Co.

(MITCO), P.O. Box 15570, Jeddah 21454, Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2017, Market Information Trading Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap