Leading property development firm RAK Properties said its net profit for the full fiscal year of 2017 surged 10 per cent to Dh192 million ($52.2 million) compared to Dh175 million the previous year.
Announcing its financial results, the Ras Al Khaimah-based company said it had posted double-digit growth in its net profit for the year ending 31st December 2017
The real estate developer declared its revenues for 2017 at Dh313 million. Its net operating profit increased by 14 per cent to Dh204 million for the period ended 31st December 2017 compared to Dh179 million reported for 2016.
RAK Properties’ balance sheet reflects robust performance, and sound financial position resulting in total assets jumped by 3.5 percent to Dh5.2 billion at the end of 2017.
The comoany unveiled the full fiscal year of 2017 following its Board of Directors’ meeting, chaired by chairman Mohammad Hasan Omran.
Net profit increased by ten percent to Dh192 million in 2017 compared to Dh175 million declared for 2016. Earnings per share increased to Dh0.10 compared to Dh0.09 reported in 2016.
RAK Properties' managing director and CEO Mohammed Al Qadi said: "The company’s strategic growth initiatives highlight its commitment to long-term value creation for the shareholders. The double-digit growth in our net profit for 2017 reflects the success of our focus on delivering high-quality lifestyle properties."
Al Qadi said a key delivery milestone during 2017 was the handover of 157 keys of the Bermuda Villas in Mina Al Arab, Ras Al Khaimah.
"These villas represents a significant addition to the new developments being launched in the emirate. We also added NorthBay 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 stated.
In the hospitality sector, two international hotel brands are under construction and expected to be completed in 2019, he added.