UAE’s RAK Properties H1 net profit USD18.6m

08 Aug 2011

(MENAFN) RAK Properties said that in the year’s first six months, the developer’s net profit reached USD18.6 million, reported Gulf News.

The company added that total equity at the end of the period reached USD925 million whereas its net cash and bank balance reached USD80 million, furthermore, the company started the delivery process of a number of projects in Ras Al Khaimah and Abu Dhabi.

It also said that in the second half of the year, it would hand over 20 buildings in the USD2.7 billion lagoon precinct of Mina Al Arab project; in addition, the company would resume operations on other projects that include La Hoya Bay.

It is worth noting that the developer’s net profits last year rose 10 percent from 2009.

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