Ras Al Khaimah, RAK Properties today announced its Q3 net profit surged 383 percent to AED197.9 million compared to AED40.97 million in the corresponding period last year.
"Profits increased during the third quarter of this year, reaching AED197.9 million, compared to AED 40.97 million in Q3 of 2020, reflecting the company’s successful strategy in overcoming the challenges," the company said in a statement today.
Revenues of the real estate firm, listed on Abu Dhabi Stock Exchange, reached AED424.37 million in the third quarter of 2021 compared to AED177.54 million in the same period of 2020. The total comprehensive income rose to AED184.33 million, compared to AED27.15 million in the third quarter of last year.
Value of assets increased to AED6.18 billion, a step up from AED5.8 billion, as a result of increased investments in the development of hotel and residential projects.
Abdulaziz Abdullah Al Zaabi, Chairman of the Board of Directors of RAK Properties said: "We are pleased with these positive results that prove, once again, the strength of the real estate market in the UAE. The country has numerous available investment opportunities that overcome all challenges, with great support from wise and forward-thinking leadership, whose decisions and directives regarding facilities and incentives are aimed at enhancing the competitiveness of the country and providing an attractive investment environment. The real estate market is on the verge of more exceptional performance during the coming period, with more projects to be delivered soon."
RAK Properties announced the continuation of construction operations in five-star hotel projects, as the Intercontinental Mina Al Arab Resort and Hotel is expected to commence operational activities during the last quarter of 2021. The Anantara Mina Al Arab Hotel and Resort is expected to open during 2022, and will successively contribute to improving the company's revenues for subsequent years through periodic revenues generated by the assets of the hospitality sector.
The company is currently working to accelerate work on the final stages of the Marbella Villas project on Hayat Island in Mina Al Arab, which includes 205 villas and townhouses. The Julphar Residence project on Al Reem Island in Abu Dhabi is another project under works, and includes 266 apartments. Julphar Residence is in its last stages of preparation for delivery during the current year.
Source: Emirates News Agency