Strong performance during Q4 attributed to attained revenues worth AED 297,826 million
Board proposes 5% cash dividend for 2014
UAE, February 5, 2015 – RAK Properties PJSC, one of the biggest property developers listed on the Abu Dhabi Stock Exchange, has revealed achieving net profits of AED 155,743 million in 2014, which demonstrates the company’s strong performance, particularly across the last quarter of the previous year that led to reaching revenues worth AED 297,826. The announcement was made during the company’s recent board meeting.
On the sideline, RAK Properties’ Board of Directors proposed 5% cash dividend for the year 2014. This proposal will be presented for ratification at the annual general meeting of the company due to be held on March 12th 2015.
Mohammed Sultan Al Qadi, Managing Director and CEO, RAK Properties, explained that the excellent performance recorded in 2014 reflects positively on the current value of its assets, which have been valued at AED 4.7 billion. The financial results also affirms Ras Al Khaimah’s emergence as a leading residential, tourist and investment destination.
“2014 has seen an impressive growth in our business portfolio, in conjunction with the allocation of a budget of AED 1 billion to develop and expand the Mina Al Arab development project and the completion of new facilities that include an environmental hotel and a set of residential villas as part of projects that are being implemented during the current year. There is no doubt that the introduction of ‘Flamingo Villas’ and “Bermuda Villas” have contributed greatly in enhancing our performance levels. The recent results have prompted us to continue our intensive efforts to launch new projects and deliver ‘Flamingo Villas’ by the end of this year, in line with our pursuit to develop the urban landscape of Ras Al Khaimah,” Al Qadi added.
“The results of the fourth quarter of 2014 also reflect the increased level of investments being made in Ras Al Khaimah as it continues to attract regional and international investors to take advantage of its many potential opportunities. We look forward to continuing our strategic approach in promoting our position as a major contributor to the local real estate sector and help in enhancing Ras Al Khaimah’s position as a promising investment destination,” concluded Al Qadi.
RAK Properties is one of the largest property developers in the region. The company is currently implementing an ambitious expansion plan to support its comprehensive portfolio of large-scale projects. RAK Properties enjoys a strong and continuously growing customer base, which prompts the company to further strengthen its leading position through cooperation with a group of prominent international companies.
RAK Properties, a Public Joint Stock Company listed on the Abu Dhabi Securities Market, is a real estate development company established to implement the emirate’s plans to promote real estate, tourism and leisure facilities in RAK and invest in interesting projects. It is intended that its activities will encourage economic growth in the UAE in general and Ras Al Khaimah in particular. The company launched its first project, Julfar Towers – a 45-storied twin office and residential project at a cost of AED 500 million – in February 2006 followed by Mina Al Arab – spread over 43 million sq. feet at a cost of AED 10 Billion – in May 2006. It also launched RAK Tower in Abu Dhabi at Cityscape Dubai.