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RAK PROPERTIES.
DIRECTORS REPORT FOR 6 MONTHS PERIOD ENDED 30 JUNE 2022
On behalf of the Board of Directors of RAK Properties PJSC, I am pleased to present the financial
result of the company for first half 2022.
H1 of the year 2022 Key Financial Highlights:
Revenue for the period amounted to AED 193.99 million vs AED 265.10 million same period
last
year.
Net Profit for the period amounted to AED 25.55 million vs AED 119.81 million same period
last year.
Total comprehensive income for the period amounted to AED 25.74 million vs AED 106.58
million same period last year.
Total Asset stood by AED 6.23 billion in H1 2022 vs AED 6.21 billion in December 2021.
Total Equity stood by AED 4.13 billion in H1 2022 vs AED 4.10 billion in December 2021
Income Statement rt. ..,, AED Million
.=01...
M..M.
30th June 2022 30th June 2021
Revenue 193.99 265.10
Cost of Revenue (134.91) (159.06)
Gross Profit 59.08 106.04
Operating Profit 37.95 125.87
Profit for the period 25.55 119.81
Total comprehensive income 25.74 106.58
Financial Position AED Million
30th June 31' Dec
2022 2021
Non -Current Assets 5,186.86 5,185.44
Current Assets 1,045.59 1,028.88
Total Assets 6,232.45 6,214.32
Non -Current Liabilities 1,187.46 1,210.10 a)
aA Current Liabilities 917.84 896.81 ro _ Capital and Reserves 4,127.15 4,107.41 C_
Total Equity & Liabilities 6,232.45 6,214.32 %-1
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THE EMIRATES Towards the next Fifty P.O. BOX 31113, Ras Al Khaimah, U.A.E. I Tel: +971 7 228 4777 I Fax :+971 7 227 2444 I www.rakproperties.ae
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RAK PROPERTIES.
Development Update
Residential Projects:
-
1. Marbella Villas, Mina Al Arab, Ras Al Khaimah 207 villas and townhouses
Completed and handing over has been done to end users.
-
2. Julphar Residence, Reem Island, Abu Dhabi 266 apartments
The Project is completed and BCC issued
Hospitality Projects:
1. Intercontinental Ras Al Khaimah Mina Al Arab Resort and SPA
Hotel is in operation now from 11th February 2022
2. Anantara Mina Al Arab Hotel and Resort, Ras Al Khaimah
The construction is progressing as per development plan
These two premium assets will add significant value to the revenue stream and strengthen the balance
sheet of the company.
Upcoming Projects:
1. Bay Residence, Hayat Island, Mina Al Arab, Ras Al Khaimah
Project construction contract has been awarded, which is under mobilization now, and tower 2
sales has been started in Q2 2022 2. Gateway Residence 2, a residential tower in Hayat Island, Mina Al Arab
Construction contract has been awarded and Sales has been launched in Q1 2022 3. Marbella Extension, a residential villa in Hayat Island, Mina Al Arab
Final design is under review and project will be launched soon.
4. Beach Front Plot, in Hayat Island, Mina Al Arab
Development of 14 beach front plot in Hayat Island is under design stage
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Mohammad Al Tair
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Acting Chief Executive Officer
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Sentiment: positive