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Ras Al Khaimah Real Estate Company achieved strong results in the first quarter, with revenues for the period amounting to 258.58 million dirhams, a strong growth of 141%, compared to 107.25 million dirhams for the same period last year.
Net profit grew by 46.7% to 44.6 million dirhams in the first quarter of 2023, compared to 30.48 million dirhams for the same period last year. Operating profits jumped 62% to 55.8 million dirhams, compared to 34.4 million dirhams.
Total assets amounted to 6.34 billion dirhams at the end of the first quarter, a slight increase from 6.32 billion dirhams at the end of December 2022. Total property rights amounted to 4.16 billion dirhams in the first quarter, compared to 4.12 billion dirhams in December 2022.
Development projects
The company continued its development projects, as it sold all the units offered in the ready-made Julphar Residence Tower, on Al Reem Island, Abu Dhabi, and 7 units were delivered in the first quarter.
Also, two towers were sold within the first phase of the “Bay Residence” on Hayat Island in Mina Al Arab in Ras Al Khaimah. While the foundation works have been awarded and completed in two other towers within the second phase. The sale of these two towers consisting of 324 apartments was launched in the first quarter with 226 apartments already sold.
Works are also progressing on the Gateway Residence 2 tower on Hayat Island.
Construction of an additional 89 villas and townhouses began in the first quarter within Marbella Villas – Al Mahalla II in Mina Al Arab.
In terms of hospitality projects, the InterContinental Ras Al Khaimah Mina Al Arab Resort & Spa achieved higher occupancy and financial results compared to competing hotels and expectations for the first quarter.
As for Anantara Mina Al Arab Hotel & Resort, construction of the second 5-star hotel, consisting of 174 rooms, is on track to open this year.
