Rak Properties Q3 profit up 21pc to AED41 mn

BBN Report

RAS AL KHAIMAH/November 9-2020: Ras Al Khaimah-headquartered, Rak Properties, has reported a 20.6 per cent growth in its net profit for the third quarter of 2020 (Q3) to AED41 million compared with AED34 million the company logged for the same period in the earlier year.

The revenue during this period also increased from AED136 million to AED178 million, despite the slow-down in the economy due to the COVID 19 that has gripped the whole world.

Total assets marginally up

The company said the total sales backlog is AED167 million to be recognised over the period of construction. Total assets of the company year-to-date increased marginally from AED5.59 billion to AED5.7 billion, whereas the total equity of the company during the period under review dropped marginally from AED3.90 billion to AED3.84 billion.

Residential projects

The Gateway Residence is a project that built 144 apartments. The units were handed over during the second quarter of the current year.

Another project, Julphar Residence, is being developed in Reem Island, Abu Dhabi. The project aims to build 266 apartments, and is expected to be completed by the fourth quarter of the current year.

Marbella Villas is another project, which is coming up in Mina Al Arab, Ras Al Khaimah, with 205 villas and townhouses. Construction is in progress, and the units are scheduled to be delivered in 2021.

Bay Residence in Mina Al Arab, Ras Al Khaimah, is planning to build 2 towers and the construction is scheduled to commence during the fourth quarter.

Hospitality projects

The company has undertaken two hospitality projects too. The first one is the Intercontinental Hotel & Resort, which is coming up in Mina Al Arab, Ras Al Khaimah. The project once complete will have 350 keys

Anantara Mina Al Arab Hotel & Resort, Ras Al Khaimah, is another project under development. This, once complete, will have 174 keys.

Mohammad Sultan Al Qadi (seen in the picture), managing director of RAk Properties, said the construction of hotel apartments has been progressing as per development plan with a target to start the operations of the first hotel by Q4, 2021.

 

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