RAK Properties today announced its Q3 net profit surged 383 percent to AED197.9 million compared to AED40.97 million in the corresponding period last year.
“Profits increased during the third quarter of this year, reaching AED197.9 million, compared to AED 40.97 million in Q3 of 2020, reflecting the company’s successful strategy in overcoming the challenges,” the company said in a statement today.
AED424.37 million was generated by the real estate firm, listed on the Abu Dhabi Stock Exchange, in the third quarter of 2021, compared to AED177.54 million in the third quarter of 2020. The total comprehensive income rose to AED184.33 million, compared to AED27.15 million in the third quarter of last year.
Value of assets increased to AED6.18 billion, a step up from AED5.8 billion, as a result of increased investments in the development of hotel and residential projects.
Abdulaziz Abdullah Al Zaabi, Chairman of the Board of Directors of RAK Properties said: “We are pleased with these positive results that prove, once again, the strength of the real estate market in the UAE. The country has numerous available investment opportunities that overcome all challenges, with great support from wise and forward-thinking leadership, whose decisions and directives regarding facilities and incentives are aimed at enhancing the competitiveness of the country and providing an attractive investment environment. The real estate market is on the verge of more exceptional performance during the coming period, with more projects to be delivered soon.”
RAK Properties announced that construction operations would continue for five-star hotel projects, including the Intercontinental Mina Al Arab Resort and Hotel, which will be operational by the end of 2021. The Anantara Mina Al Arab Hotel and Resort is expected to open in 2022, and eventually contribute to increasing the company’s revenues for subsequent years through periodic income generated by its assets in the hospitality sector.
Currently, the company is working to accelerate work on the final phases of the Marbella Villas project on Hayat Island in Mina Al Arab, which includes 205 villas and townhouses. The Julphar Residence project in Abu Dhabi is also under construction, and it includes 266 apartments. The Julphar Residence is nearing completion and will be ready for delivery by the end of the year.