RAK Properties PJSC (ADX: RAKPROP) on August 2nd announced its financial results for the first six months of the fiscal year 2018 following its Audit Committee meeting which was chaired by Dr. Mohammed Abdulla Mohammed Al Mehrezi Audit Committee Chairman.
RAK Properties, one of the leading property developers in the UAE, reported more than AED117 million increase in its total assets as of June 30, 2018, demonstrating a further improvement on an already strong balance sheet. Total assets of the group stood at AED5.28 billion compared to AED5.16 billion declared by the end of 2017.
The property developer reported a healthy net profit at AED29 million and total revenues of the company declared at AED75.43 million. Its gross profit announced at AED40 million and earnings per share stood at AED 0.01.
Commenting on the first half financial results, RAK Properties Managing Director, Mohammed Sultan Al Qadi said, “RAK Properties portfolio caters to the ever changing market needs which will be reflected in our upcoming project launches in September. We strive to pioneer in creating communities and evolving destinations which is demanded by stakeholders.
Al Qadi said, “The Company is making significant headway on residential projects both under construction and due to launch over the next year, we see robust and positive results for the upcoming second half of the year. At the same time, RAK Properties has started constructing the Anantara and Intercontinental hotels in Mina Al Arab which will strengthen the recurring revenue portfolio in the future”
Residential Projects
Gateway Residence, a residential building comprises of 144 apartments in Al Raha Island, Mina Al Arab, Ras Al Khaimah, is under construction and its handover is expected in 2019.
Another important project in Mina Al Arab is Bay Residences, which has 4 towers comprising 569 apartments and 16 townhouses. The project is designed to exemplify and accentuate the idyllic natural environment in the Hayat Island. The construction of Bay Residences is scheduled to commence in the second half of the year.
The construction work of Julphar Residence is progressing as per schedule and the delivery of this tower is expected next year. It’s an elegant and modern residential tower, which is located at the heart of Reem Island, Abu Dhabi.
Hospitality Projects
Two international hotel brands are under construction in Mina Al Arab and are expected to be completed next year. The construction work on the third hotel brand in Mina Al Arab will start in the fourth quarter of 2018.
A 306-room Anantara Hotel Resort in Mina Al Arab is under construction and expected to open by the end of 2019. The resort will feature the emirate’s first overwater villas complex inspired by those in the Maldives overlooking the stunning eco-reserves.
Another luxury hotel development, Inter-Continental Mina Al Arab Resort comprising of 350 rooms, is also under construction and set to receive guests by the end of 2019. The resort will include an array of 5-star facilities facing the Arabian Sea. It will feature a variety of luxury rooms and suites, a health club and spa, two pools, a well-equipped gym, and a number of specialty restaurants.
A 183-room Gateway Arjaan by Rotana is set for ground-breaking in the last quarter of 2018. The property is also part of the mega development Mina Al Arab.
Al Qadi said, “We hope 2018 is going to be another successful year for RAK Properties. The year 2019 looks robust with the delivery of two residential projects and two hospitality projects.”