The meeting was chaired by Mohammed Abdulla Mohammed Al Mehrezi, chairman, audit committee, RAK Properties.
A leading UAE property developer, RAK Properties reported a more than AED117 million (USD31.85 million) increase in its total assets as of June 30, demonstrating a further improvement on an already strong balance sheet. Total assets of the group stood at AED5.28 billion (USD1.44 billion) compared to AED5.16 billion (USD1.4 billion) declared by the end of 2017.
The property developer reported a net profit of AED29 million (USD7.89 million) and total revenues of the company declared at AED75.43 million (USD20.53 million). Its gross profit announced at AED40 million (USD10.89 million) and earnings per share stood at AED 0.01 (USD0.0027).