Ras Al Khaimah-based RAK Properties has seen its third-quarter profits surge 383 percent, local reports have said.
The company’s Q3 net profit rose to AED197.9 million ($53.89 million) compared to AED40.97 million ($11.16 million) in the corresponding period last year, said the local reports.
“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 has said in a statement.
Revenues of the real-estate firm, listed on Abu Dhabi Stock Exchange, reached AED424.37 million ($115.55 million) in the third quarter of 2021 compared to AED177.54 million ($48.34 million) in the same period of 2020.
The total comprehensive income rose to AED184.33 million ($50.19 million), compared to AED27.15 million ($7.39 million) in the third quarter of last year.
Value of assets increased to AED6.18 billion ($1.68 billion), a step up from AED5.8 billion ($1.58 billion), as a result of increased investments in the development of hotel and residential projects, said the reports.
Abdulaziz Abdullah Al Zaabi, Chairman of the Board of Directors of RAK Properties, was quoted by the local reports as saying that these “positive results” prove “the strength of the real-estate market in the UAE.”
He added: “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.”
Al Zabi also said: “The real-estate market is on the verge of more exceptional performance during the coming period, with more projects to be delivered soon.”