United Arab Emirates, 19 March 2018, (AETOSWire): RAK Properties PJSC 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, Mr Abdulaziz Abdullah Al Za’abi, Mr Mohamed Sultan Al Qadi, Sheikh Tariq Ahmed Humaid Al Qassimi, Sheikh Ahmed bin Omar Al Qassimi, Mr Mohammed Ahmed Ruqait, Dr Mohammed Abdullah Al Mehrezi, Mr Nawwaf Ghubash Al Merri, and Samih Sawirs.
The new Board of Directors decided to select HE Mohammed Hassan Omran a chairman, Mr Abdulaziz 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 in 2020. 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.