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RAK Properties Regulatory Filings 2019
66590_rns_2019-02-14_9e2c76ba-3b2a-4bb1-b95b-a83cbf526933.pdf
Regulatory Filings
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Directors Report for the year ended 31st December 2018
On behalf of the board of Directors of RAK Properties PJSC, I am pleased to present the Financials results of the Company for the year ended 31st December 2018.
During the year 2018, RAK Properties achieved a revenue of AED 101 M. (2017 AED 313 M), net profit of AED 151 M (2017 AED 192 M) and comprehensive income for the year 33 M (2017 AED 177 M). Total asset of the group is AED 5.3 Billion.
Brief summary of the financial as follows:
| AED '000 | ||
|---|---|---|
| Income Statement | 31st Dec. 2018 |
31st Dec. 2017 |
| Revenue | 101,391 | 312,930 |
| Cost of Revenue | (52, 817) | (158, 138) |
| Gross Profit | 48,574 | 154,792 |
| Profit for the period | 150,524 | 191,817 |
| Total comprehensive income for the year | 33,004 | 177,493 |
| Balance Sheet | 31st Dec. 2018 |
31st Dec. 2017 |
| Non current Assets | 4,494,704 | 3,976,437 |
| Current Assets | 846,372 | 1, 183, 322 |
| Total Assets | 5,341,076 | 5,159,759 |
| Non current Liabilities | 722,981 | 652,755 |
| Current Liabilities | 804,638 | 583,637 |
| Total Equity | 3,813,457 | 3,923,367 |
| Total Equity & Liabilities | 5,341,076 | 5,159,759 |
Major Projects Update
Under Construction Projects:
Residential Projects
Gateway Residence, a residential building with 144 apartments in Al Raha Island, at Mina Al Arab Ras Al Khaimah. This project is expected to be completed in 2019.
PO. Box 31113, Ras Al Khaimah, UAE, Tel +971 2 2284777, Fax +971 7 2272444 25
Building Closer to nature
Julphar Residence, a residential tower with 266 apartments ranging from studios to spacious 3 bedrooms, located at the Al Reem Island, Abu Dhabi. This project is expected to be delivered in 2019
Hospitality Projects
Anantara Hotel & Resort, luxury resort featuring the emirate's first Maldivian style overwater villas, the project is under construction in Mina Al Arab, Ras Al Khaimah
Intercontinental Hotel & Resort, 5-star luxury hotel & resort, featuring luxury suites, health club, spa, swimming pools and gymnasium, the project is under construction in Mina Al Arab, Ras Al Khaimah.
Future Projects:
Bay Residences - mixed used development, an architectural masterpiece with 4 towers build on same podium comprise of 569 apartments and 16 townhouses designed to exemplify and accentuate the idyllic natural environment, in the Hayat island, a noteworthy addition of our flagship project Mina Al Arab, Ras Al Khaimah. The construction of this project is expected to start in the first half of 2019.
Marbella Villas, presenting spacious luxury homes with amazing services and comforts, the project comprises of 205 luxury, standard villas and townhouses in Hayat Island Mina Al Arab Ras Al Khaimah, sales launch took place in Q4,2018 and the construction will start in the first half of 2019.
Mohammad Sultan Al Qadi Managing Director
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