Rak Properties’ Agm Approves Increase Of Cash Dividends To 6% For 2017

date

19-Mar-2018

Ras Al Khaimah, United Arab Emirates,19March 2018, (AETOSWire): RAK PropertiesPJSC held the second annual general meeting of shareholders last Saturday at Double Tree by Hilton Resort & Spa Marjan Island. The meeting reviewed and approved the Board of Directors’ report on the company’s activities, the auditor’s report for the 2017/18 fiscal year, the corporate balance sheet, and the profit and loss account. They also presented current and future projects. In addition, the annual general meeting of shareholders elected the new Board of Directors. The elected members are: HE Mohammed Hassan Omran, MrAbdulaziz Abdullah Al Za’abi, Mr Mohamed Sultan Al Qadi, Sheikh Tariq Ahmed HumaidAl Qassimi, Sheikh Ahmed bin Omar Al Qassimi, Mr Mohammed Ahmed Ruqait, Dr Mohammed Abdullah Al Mehrezi, MrNawwafGhubash Al Merri, and SamihSawirs. The new Board of Directors decided to select HE Mohammed Hassan Omran a chairman, MrAbdulaziz Abdullah Al Za’abi as deputy chairman and Mr Mohamed Sultan Al Qadi as a Managing Director, who will be responsible for the corporate plans and strategy. The board approved increasing the cash dividend to 6 per cent of the nominal value of share (6 fils per share), up from the recently recommended 5 per cent. Mohammed Al Qadi, Managing Director and CEO of RAK Properties, said: “The year 2017 was another very successful year for the company despite volatility in the real estate market. With the full support of our partners and stakeholders, RAK Properties managed to record double-digit growth in its net profit and net operating profit for the period ending on December 31st 2017.” As Ras Al Khaimah’s largest property developer listed on the Abu Dhabi Stock Exchange,RAK Properties declared a net profit of AED 192 million for 2017 compared to AED 175 million for 2016, showing year-on-year growth of 10 per cent. This represents an earnings per share increase of AED 0.10 compared to AED 0.09 declared the previous year. “A net profit of AED 192 million for 2017 will give us balanced financial leverage to support our ongoing projects and launch new projects. We are proud to announce the delivery of 157 keys of the Bermuda Villas in Mina Al Arab, Ras Al Khaimah. Work on other residential projects is also going on in full swing to complete the developments on schedule,” said Al Qadi. The company’s balance sheet reflects a robust performance and a sound financial position, resulting in total assets jump by 3.5 per cent to AED 5.2 billion at the end of December 31, 2017, he added. RAK Properties declared its revenues for 2017 at AED 313 million and its net operating profit increased by 14 per cent to AED 204 million for 2017 compared to AED 179 million reported for 2016. The Company’s total shareholders' equity increased by 2 per cent to AED 3.9 billion compared to AED 3.8 billion in 2016. This means RAK Properties maintains its position as one of the leading real estate firms in the UAE. During the year, RAK Properties handed over 157 keys of the Bermuda Villas – in the flagship development Mina Al Arab, Ras Al Khaimah. Bermuda Villas represents a significant addition to the new developments being launched in the emirate. The company also launched three residential projects. Two projects – Gateway Residence and North Bay Residence – were launched in Mina Al Arab, Ras Al Khaimah. The third project, which is based in Abu Dhabi’s Reem Island, is under construction. On the hospitality offerings, a 306-room Anantara Mina Al Arab Ras Al Khaimah Resort is under construction and expected to open in2020. Anantara Mina Al Arab Ras Al Khaimah Resort will feature the emirate’s first Maldivian inspired overwater villas complex overlooking the stunning eco-reserves. A 350-room luxury hotel development Inter-Continental Mina Al Arab Resort is in progress and the resort is set to open doors by 2020. The resort will include an array of 5-star facilities facing the Arabian Sea. Operated under the InterContinental Hotels Group’s (IHG) luxury brand, the resort will feature a variety of luxury rooms and suites, a health club and spa, two pools, a well-equipped gym, and a number of specialty restaurants.
 

Latest Press Releases

Global Village introduces a new mechanism to activate packs online for a new smart system

..

12-Sep-2019

Meet the new Limited Edition Pearl White HUAWEI P30 Pro

..

17-Sep-2019

half day event at the Fairmont hotel, the Palm, Dubai

..

11-Sep-2019

Held in Bali, Indonesia from 2 to 5 September

..

14-Sep-2019

Bank signs 2-year partnership with National Paralympic Committee (NPC)

..

18-Sep-2019

His Excellency Sheikh Nahyan, Minister of Tolerance, inaugurates CPhI Middle East & Africa 2019

..

18-Sep-2019


Most Viewed Recent Press Releases

Vistara, India’s finest full-service carrier and a JV of Tata and Singapore Airlines, yesterday inaugurated ...

[2922 views]

Contentious Subject of Very Low Carb Diets was Chosen as the Topic for Debate at Imperial College London ...

[2661 views]

Shaza Hotels has announced the opening of the highly anticipated Al Badayer Oasis – Sharjah Collection ...

[2628 views]

The author interacted with the youth, shared copies of her latest novel, and talked about the intricacies ...

[2544 views]

As part of Dubai Judicial Institute’s (DJI) efforts to support the Dubai Strategy for the People of ...

[2466 views]

Moorfields endorses taking precautions to get the most out of the season while decreasing any risk

[2448 views]


Related Links_


Google ADS

Other Info_

..

Health Care

Multi Specialty medical facilities, government hospitals & private clinics

..

Education

Nurseries, Kindergardens, Schools, Colleges, Universities & Higher Education

..

Popular Restaurants

Dining in Dubai - selection of restaurants where you can relax & enjoy a variety of cuisines of choice

Jobs at Dubai_

Find latest Dubai Jobs & Vacancies from placement agencies, employers & recruitment consultants in Dubai, Abu Dhabi & other Emirates in UAE.

Dubai Tours & Packages_

Book quality Dubai tours, best Dubai holiday packages with visas & Dubai hotel booking with special offers & discounts

Warnning

Unsupported Browser

This website includes CSS elements that your browser does not support. Please upgrade your browser to a current version, then come back and try again.

Upgrade your Browser for more experience

Chrome Firefox Safari Edge