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RAK Properties reported an 80 per cent rise in its H1 net profit, driven by higher sales and continued development at its Mina flagship development.
The UAE-based developer posted net profit of Dhs160.6m ($43.7m) for the six months to June 30, up from Dhs89.06m a year earlier.
Revenue for the period was Dhs774.79m.
RAK Properties H1: Key highlights
Sales value more than doubled to Dhs1.41bn from Dhs703m last year, supported by a 59 per cent increase in the number of units sold to 788.
The company’s development backlog rose 42 per cent to Dhs2.62bn.
Operating profit increased 47 per cent to Dhs204.15m, while EBITDA grew 42 per cent to Dhs239.25m.
Total assets rose 3.5 per cent to Dhs8.29bn, and capital and reserves increased 3 per cent to Dhs5.70bn.
RAK Properties’ share price has gained 26.3 per cent year-to-date, ending the first half at Dhs1.44, giving it a market capitalisation of Dhs4.32bn.
Chairman Abdulaziz Abdullah Al Zaabi said the results reflected the company’s growth and the appeal of Ras Al Khaimah as a property investment destination.
“The emirate’s diversified economy, investor-friendly regulations, and growing population reflect an increasing demand for a new kind of modern, urban-beachfront community with Mina as its vibrant heart,” Al Zaabi said in a statement.
Chief executive Sameh Muhtadi said the company’s performance was supported by new residential launches, hotel announcements, and international interest in Ras Al Khaimah.
Read: Giorgio Armani, RAK Properties to launch branded beach villas
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