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Dubai: RAK Properties, the most prominent property developer in Ras Al Khaimah, has announced a net profit of Dh225 million for the first half of the year ended June 30. The strong result indicates earnings per share (EPS) of Dh0.113.
The company sold residential and commercial units worth Dh1.106 billion in the first half of 2008, which is 115.60 per cent over the same period in 2007.
The sale volume increased exponentially and the company is currently looking at expanding into regional and international markets. The sales performance continues to be a proof that the market has accepted RAK Properties as their preferred developer.
Mohammad Sultan Al Qadi, managing director and chief executive officer of RAK Properties, expressed satisfaction over the consistently strong performance of the company and said that it further validated the growth strategy of RAK Properties.
"Since its inception RAK Properties has adopted a studied approach and steadily built an impressive portfolio. As the most prominent developer in Ras Al Khaimah our continuing growth will contribute substantially to realising the vision of His Highness Shaikh Saud Bin Saqr Al Qasimi, Crown Prince and Deputy Ruler of Ras Al Khaimah, to promote Ras Al Khaimah into the region's leading destination for tourism and investment."
The RAK Properties portfolio boasts diverse residential, commercial and leisure facilities. Its developments in Ras Al Khaimah include Julfar Towers, a Dh500 million twin-tower, and Mina Al Arab, a Dh10 billion mixed-use waterfront resort community.
RAK Properties is also developing RAK Tower, a Dh300 million project in Abu Dhabi. The company has other projects with a specific focus in the Abu Dhabi real estate, which will be launched at an appropriate time.
The company sold residential and commercial units worth Dh1.106 billion in the first half of 2008, which is 115.60 per cent over the same period in 2007.
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