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FINANCIAL NEWS
RAK Properties registers USD42.3m profit in Q4
08 Feb 2015
(MENAFN) Ras Al Khaimah-based leading developer RAK Properties recorded a net profit of USD42.3 million, primarily motivated by sales in the last quarter of 2014, Gulf Daily News reported.
The real estate firm posted a sharp growth, particularly in the October-December period of the previous year, which led the company into total revenue of USD81 million, a senior official said.
The company’s chief executive said in a statement that the great performance in 2014 perfectly mirrors the current value of its assets, which amounted to USD1.28 billion in the cited period.
He added that the company in 2014 witnessed a solid growth in its portfolio. A growth coupled with an allocation of USD272 million budget to expand the Mina Al Arab development project and the completion of new facilities.
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