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FINANCIAL NEWS
UAE- Rak Properties 2012 profit jumps 35.6%
12 Feb 2013
(MENAFN) Rak Properties’ Managing Director and CEO, Mohammad Sultan Al Qadi, announced that the company’s net profit climbed by 35.6 percent in 2012 to USD40 million from USD29.50 million a year earlier, reported Emirates 24/7.
Al Qadi attributed last year’s growth to higher demand for the UAE firm’s projects, including Mina Al Arab, Julphar Towers and Rak Tower in Abu Dhabi, in addition to the settlement of its USD50.08 million loan with Ras Al Khaimah Investment and Development Office of Ras Al Khaimah Government.
He noted that the UAE firm plans to develop a 5-star hotel in Mina Al Arab, in addition to residential buildings in the UAE capital.
It is worth noting that Rak Properties’ sales volumes grew by 12.5 percent in 2012 to USD162.30 million from USD144.3 million.
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