RAK Properties logs AED 15.8m profits in H1

Abu Dhabi – Mubasher: RAK Properties, listed on the Abu Dhabi Securities Exchange (ADX), has posted a profit of AED 15.83 million for the first half of 2019, versus AED 28.95 million in H1-18.

Revenue stood at AED 78.46 million during the six-month period ended 30 June 2019, versus AED 75.43 million in H1-18, the company’s board of directors revealed in a report to the ADX.

The company’s total assets amounted to AED 5.46 billion at the end of June 2019, compared to AED 5.34 billion as at 31 December 2018.

RAK Properties previously posted an AED 4 million in its profits for the first quarter of 2019, down 84% from AED 24.6 million in Q1-18.

The ADX-listed company’s revenues fell by 22% year-on-year in Q1-19 to AED 32.2 million from AED 38.3 million.

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