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UAE developer RAK Properties has achieved a profit gain of 77 percent for 2021 after revenues more than doubled, according to a disclosure.
Total net profit for the year ended December 31, 2021 reached 201.47 million dirhams ($54.85 million), compared to 113.52 million dirhams 12 months earlier, the company said in a statement to the Abu Dhabi Securities Exchange (ADX).
Revenue for the same period climbed by 112 percent to 515.62 million dirhams from 243.5 million dirhams, while total comprehensive income went up by 101 percent to 199.61 million dirhams.
The firm’s total assets also grew by 7.2 percent to 6.2 billion dirhams after the company invested more in the development of hotels and residential properties.
Total equity rose by five percent to 3.9 billion dirhams.
The company has started the turnover of one of its newly completed residential projects, the Marbella Villas in Ras Al Khaimah, which feature 207 villas and townhouses. Another development, the Julphar Residence in Abu Dhabi, is in its completion stage and will be delivered soon, the developer said.
Within the hospitality segment, RAK Properties said it will be “opening shortly” the Intercontinental Ras Al Khaimah Mina Al Arab Resort and Spa.
It is currently building another resort, the Anantara Mina Al Arab Hotel and Resort in Ras Al Khaimah. It has three more projects in the pipeline, which include a mixed-used retail and residential development, a residential tower and a residential villa project – all in Ras Al Khaimah’s Hayat Island, Mina Al Arab.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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