RAK Properties’ Net Profit Jumps 76.31% in 2021 on Rising Sales – News
the Abu Dhabi-listed company said its revenue also climbed 112% to 51 million dirhams from 243 million dirhams in 2020, reflecting a substantial improvement in line with the company’s overall annual result which rose to 200 million dirhams in 2021 compared to 99 million dirhams the previous year
The company continued to invest in the development of residential and hotel properties and recorded a high number of sales in the Marbella Villas project and the Al Marsa plots. — File photo
RAK Properties said on Sunday that its annual net profit jumped 76.31% last year to Dh201 million from Dh114 million in 2020 due to higher sales in the Marbella Villas project and land plots. ‘Al-Marsa.
In a statement, the Abu Dhabi-listed company said its revenue also climbed 112% to Dh51 million from Dh243 million in 2020, reflecting a substantial improvement in line with the company’s full-year overall result which rose. climbed to 200 million Dh in 2021 against 99 million Dh in 2020. last year.
The company continued to invest in the development of residential and hotel properties and recorded a high number of sales in the Marbella Villas project and the Al Marsa plots.
Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, expressed his pride in the results achieved and said that the company’s activities in 2021 mainly focused on property development, property management, facilities management, as well as sales and rental activities, the hotel sector and other related real estate services. He said RAK Properties is poised for even more outstanding performance in the coming period, with more projects to be delivered soon.
Regarding the company’s developments, he said that the Marbella project is a luxury residential complex consisting of 207 beachfront villas on the island of Hayat, Mina Al Arab, is currently ready for delivery. . He added that work on the Julphar Residence project on Al Reem Island in Abu Dhabi, a residential building consisting of 266 apartments, is nearing completion and is expected to come on the market in the first quarter of this year.
The President said the InterContinental Ras Al Khaimah Mina Al Arab Resort and Spa, RAK Properties’ first five-star luxury hotel asset, has reached its final stages and will open soon, adding that construction is proceeding as planned on The Anantara Mina Al. Arab Resort Project in Ras Al Khaimah, is the next five-star luxury hotel asset.
Al Zaabi explained that RAK Properties is focusing in the medium to long term on diversifying revenue streams and increasing working capital appreciation to strengthen the company’s balance sheet. He said that RAK Properties continues to invest in infrastructure development in the Mina Al Arab complex as part of its strategy to maximize the value of the complex and improve the investment of investors and customers and increase the number of residences in the community of Mina Al Arab.