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RAK Properties reports record Q3 2020 Results

Ras Al Khaimah, November 2020:

RAK Properties, one of the UAE’s leading property development and tourism infrastructure companies, announced record third-quarter financial results for 2020. With revenue increased to AED 178 million compared to AED 136 million in Q3 last year. The reported figures also reveal an increase in net profit valued at AED 41 million compared to AED 34 million reported at the same period last year.

Commenting on the results, Mohammed Sultan Al Qadi, Managing Director of RAK Properties, said: “ Our third-quarter results are a testament of our strength under this exceptional circumstances and a proof of the sustainable relation with our partners, stakeholders and investors.”.

“RAK Properties portfolio continues to cater to the ever-changing market needs which is reflected positively in our new projects, the extraordinary Q3 performance can be attributed to record sales of residential units at Marbella Villas. “ continued Al Qadi.

The total assets of the publicly listed real estate firm rose to AED5.7 billion in Q3 as against AED5.59 billion in the corresponding quarter in 2019.

RAK Properties achieved record sales at Marbella villas. The project combines the finest of architecture and luxury keeping in mind the requirements of home seekers; with optimum space, waterfront views and futuristic facilities. The firm also introduced a number of payment facilities which includes up to 10 years payment plan, exemption of master community charges for up to 7 years, waiver of property registration fees and other benefits.

In it’s financial statement, RAK Properties highlighted that construction is progressing in Intercontinental Hotel and Resort, Mina Al Arab and Anantara Mina Al Arab Hotel & Resort which will play a vital role within the firm’s hospitality offerings.