According to RAK Properties, the company’s net profit surged by 76.31 percent last year to Dh201 million from Dh114 million in 2020, driven by higher sales in the Marbella Villas project and Al Marsa plots.
In addition, the Abu Dhabi-listed company said its revenues increased 112 percent to Dh51 million in 2021 from Dh243 million the year before, reflecting a substantial improvement in line with its annual comprehensive income of Dh200 million from Dh99 million the year before.
As the company continued to develop residential and hospitality properties, it recorded high sales numbers in its Marbella Villas project and Al Marsa plots.
During 2021, Abdul Aziz Abdullah Al Zaabi, chairman of RAK Properties, expressed his pride with the achieved results and said that the company was focused mainly on real estate development, property management, and facilities management, as well as selling and leasing, hospitality, and other related real estate services. RAK Properties will deliver even more projects in the coming period, he said.
According to him, the Marbella project, which is a luxury residential complex consisting of 207 villas on Hayat Island, Mina Al Arab, is now ready for delivery. He added, construction on the Julphar Residence Project on Al Reem Island in Abu Dhabi, a residential building consisting of 266 apartments, is nearing completion, and it is scheduled to be released to the market in the first quarter of this year.
In addition, the chairman announced that RAK Properties’ first luxury five-star hotel, the InterContinental Ras Al Khaimah Mina Al Arab Resort, and Spa, has reached its final stages and will open soon, adding that construction is moving according to plan on the Anantara Mina Al Arab Resort Project in Ras Al Khaimah.
Al Zaabi said RAK Properties is focused on diversifying revenue streams and increasing working capital to boost its balance sheet in the medium- and long term. RAK Properties continues to invest in infrastructure development in the Mina Al Arab complex as part of its strategy to enhance the investment of investors and customers and to increase the number of residents in the Mina Al Arab community.