RAK Properties reports five-fold jump in Q1 profit to Dh64m

RAK Properties reports five-fold jump in Q1 profit to Dh64m

RAK Properties said first-quarter profit increased more than five-fold on higher revenue.

Net profit for the three months period ending March 31 climbed to Dh64 million ($17.45m) from Dh12m in the year-earlier period, the company said in a statement to the Abu Dhabi Securities Exchange, where its shares trade. Revenue increased more than three fold to Dh124.2m. Other income more than doubled to Dh26m.

Property prices in the UAE are expected to stabilise in 2021 as the economy recovers from the coronavirus pandemic-induced slowdown and government initiatives spur growth.