Annual board meeting for RAK Properties
RAK Properties, Ras Al Khaimah’s biggest property developer listed on Abu Dhabi Stock Exchange, announced its financial results for the year of 2011 at its annual board meeting held yesterday evening (Wednesday 22nd February, 2012) in Ras Al Khaimah. The Board expressed optimism over the gathering recovery of the UAE real estate sector.
The company has posted a net profit of AED 108,419 million, while its total sales revenue at the end of the 2011 fiscal year amounted to AED 520,568 million.
The profits came from the delivery of major projects, like Mina Al Arab, Julphar Towers and RAK Tower in 2011. This demonstrates RAK Properties’ strong portfolio and growing revenue streams driven by increasing number of units being handed over in key projects.
Commenting on the results, Mohamed Sultan Al Qadi, MD & CEO of RAK Properties: “Major projects were delivered in 2011, leading to a stronger and cordial relationship between RAK Properties and its shareholders and customers. The RAK Properties teams in all departments contributed significantly to this positive scenario.”
We are adding a new revenue stream to our operations by launching retail and leasing services in Mina Al Arab and Julphar Towers in the coming year. We have already started achieving a revenue stream from the leasing of the residential units in three projects located in Ras Al Khaimah and on Al Reem Island in Abu Dhabi,” Al Qadi added.
“The handover of our flagship real estate projects in 2011 proves our leading position in this industry and our contribution to the national economy of the UAE. In addition, delivering these projects on schedule and within budget in 2011 has strengthened the relationship with our clients,” Al Qadi added.