According to an official company announcement, its second annual general meeting (AGM) of shareholders on March 17 saw the board approve increasing the cash dividend to six percent of the nominal value of share – AED0.06 (USD0.02) per share – up from the recently recommended five percent.
RAK Properties declared a net profit of AED192 million (USD52.28 million) for 2017 compared to AED175 million (USD47.65 million) for 2016, showing year-on-year growth of 10 percent. This represents an earnings per share increase of AED0.10 (USD0.03) compared to AED0.09 (USD0.02) declared the previous year.
“2017 was another very successful year for the company despite volatility in the real estate market. RAK Properties managed to record double-digit growth in its net profit and net operating profit for the period ending on December 31, 2017,” commented Mohammed Al Qadi, CEO, RAK Properties.
He said the net profit would provide balanced financial leverage to support ongoing developments and launch new projects, also announcing the delivery of 157-keys at Bermuda Villas, Mina Al Arab, Ras Al Khaimah.