RAK Properties records AED 289.58mln in revenue during Q3 2022

RAK Properties records AED 289.58mln in revenue during Q3 2022

Ras Al Khaimah, UAE: RAK Properties achieved stable financial results during the third quarter of 2022, and achieved a net profit of AED 27.55 million throughout this period. The company’s’ revenue reached AED 289.58 million, and total assets were recorded at AED 6.24 billion in the third quarter, an increase from AED 6.21 billion recorded in December 2021.

InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa assumed operations during the aforementioned period, adding significant profit and value to the company's revenue stream. The group currently focuses its efforts on curating another state-of-the-art hospitality project to add to its expansive portfolio - the Anantara Mina Al Arab Ras Al Khaimah Resort. The much anticipated hotel is currently progressing at a significant pace.

H.E. Abdul Aziz Abdullah Al Zaabi, Chairman of RAK Properties, said: "We are pleased to announce our financial results this quarter, which reflect the company's ability to adapt to the current competitive business climate. We will continue to develop exquisite residential and hotel projects to meet the needs of the real estate market. This sector continues to show great growth potential, providing the best value to investors and shareholders alike”.

Sameh Al Muhtadi, RAK Properties’ CEO also stressed that RAK