RAK Properties' net profit reached USD 31 million in 2020

RAK Properties' net profit reached USD 31 million in 2020

The company's revenue increased by 25 percent to USD 66 million in 2020 compared to USD 53 million in 2019.

RAK Properties PJSC have announced their financial results for the fiscal year 2020. The property developer recorded a net profit of USD 31 million in 2020 compared to USD 25 million in 2019. The company reported an increase in its total assets from USD 1.52 billion announced by the end of 2019 to USD 1.57 billion in 2020.

Commenting on the outstanding financial results, Mohammed Sultan Al Qadi, Managing Director of RAK Properties, said, ' RAK Properties performance in 2020 reflects our ability to deal with challenges during these exceptional pandemic circumstances which casted a shadow over all sectors and affected them directly and indirectly.' He also added that despite the challenges, RAK Properties announced initiatives which aligns with the government’s efforts to support all the investors and stakeholders in the long term.

As a result, Mina Al Arab community continued to attract investors and end users looking for a safe haven. The company, on its part, provided highest safety and security measures in response to the guidelines put forward by the concerned authorities.

During the period RAK Properties announced the handover of Gateway Residence and started the sales of 'Al Marsa Plots', residential waterfront plots located in Ras Al Khaimah. The company also reported that construction was underway at its beachfront development Marbella Villas and at its prestigious Intercontinental Mina Al Arab Hotel & Resort and Anantara Mina Al Arab Hotel & Resort.

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