RAK Real Estate Company's profits reached 12 million dirhams at the end of the first quarter 2020, up 243% from the profits for the same period in 2019.
According to the Emirates News Agency, the company's financial data showed that the increase in profits came as a result of the increase in the other income item to 10.4 million dirhams during the first quarter of 2020 compared to 948 thousand dirhams During the same quarter of 2019, general, administrative and marketing expenses decreased by 6% to reach 10.4 million dirhams, compared to 11.1 million dirhams during the same period in the previous year.
Finance costs also witnessed a decrease to 2.9 million dirhams, compared to 4.9 million dirhams during the corresponding quarter of 2019, which contributed to achieving an increase in the value of profits. >
The company announced that its real estate portfolio includes many housing projects, including the Gateway Residence project, which includes 144 apartments in Al-Raha Island in Mina Al Arab, and the Julphar Residence project in Jiziyat Al-Reem. In Abu Dhabi, it includes 266 apartments and villas project Marbella on the island of life in Mina Al Arab and it consists of 205 villas and country houses.
The company’s portfolio also includes a Bay Residence project in Al-Hayat Island in Mina Al Arab, and it consists of two buildings that include 155 apartments, and the projects of Gateway Residence and Julphar Residence are expected to be delivered. Housing during the second and third quarters of 2020.
