Sales jump 97% but profits drop for RAK Properties - The National

Profits at RAK Properties dropped by more than 13 per cent in the first nine months of the year, even though sales almost doubled.

The Ras Al Khaimah-based property developer's profits dropped in the nine months ending September 30, to Dh86.07 million (US$23.4m) from Dh98.99m in the same period a year ago.

Sales, meanwhile, jumped more than 97 per cent to Dh539m from Dh266.57m a year ago as it leased more properties. Bank balances and cash rose to Dh409.1m, compared with Dh307.4m last year.

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