RAK Properties records AED 33m net profits in 9M-19

Abu Dhabi – Mubasher: RAK Properties reported a profit of AED 17.08 million during the third quarter of 2019, versus losses worth AED 22.828 million in the same quarter last year.

Meanwhile, during the first nine months of 2019, the company achieved a leap of 437% in net profit when compared to the corresponding period a year ago.

Net earnings totalled AED 32.92 million from January to September 19, compared to AED 6.13 million in the same period in 2018.

Meanwhile, revenues soared by 70% to AED 134.49 million in the period ended on 30 September 2019 from AED 79.17 million in the same period last year, according to a filing to the Abu Dhabi Securities Exchange (ADX).

From end-December 2018 to end-September 2019, the real estate developer’s total assets reached AED 5.52 billion by the end of the period.

RAK Properties further added that its total equity and liabilities registered AED 5.52 billion by the end of September 2019 when compared to AED 5.34 billion on 31 December 2019.

Total sales backlog amounted to AED 122 million to be recognised in the next two to three years based on construction percentage

It is worth noting that during the first six months of 2019, the company registered a decrease in profits to AED 15.83 million from AED 28.95 million in H1-18.

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