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RAK Properties net profit rises 348% to AED120 million in H1 2021

August 2, 2021
real estate

RAS AL KHAIMAH, 1st August, 2021 (WAM) -- RAK Properties, one of the UAE’s leading property development and tourism infrastructure companies, has announced its financial results for the first half of 2021.

RAK Properties continued its strong performance, with profits increasing during the first half of this year by 348 percent, reaching AED119.8 million, compared to AED26.7 million in the first half of 2020, which reflects its successful strategy in overcoming the challenges caused by the COVID-19 pandemic.

Revenues from the real estate firm, which is listed on the Abu Dhabi Stock Exchange, grew by 121 percent to AED265.1 million in the first half of 2021, compared to AED120.02 million in the same period in 2020.

The total income rose to AED106.58, million compared to AED11.4 million in the first half of 2020.

Revenues from development projects were AED131 million, which will be disclosed during the coming period according to the percentage of completion in the projects under construction.

Regarding the reporting of revenues, Abdulaziz Abdullah Al Zaabi, Chairman of the Board of Directors of RAK Properties, said, 'We are pleased with these results, that prove once again the strength of the real estate market in the UAE and the available investment opportunities that overcome all challenges, and thanks to the wise leadership's decisions and directives regarding facilities and incentives 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 performances during the coming period, with more projects to be delivered soon.'

In its statement, RAK Properties also announced two future projects that will be added to its portfolio, including the Bay Residence project on Hayat Island in Mina Al Arab, and Gateway Residence 2, a residential tower on Raha Island which is located within the Mina Al Arab project.

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