Abu Dhabi – Mubasher: RAK Properties on Sunday posted a 22% year-on-year drop in its profits for the full-year 2018.

Net profits amounted AED 150.52 million ($40.99 million) in 2018, compared to AED 191.81 million ($52.23 million) in 2017, the company said in a statement to the Abu Dhabi Securities Exchange (ADX).

Similarly, revenues slid by 68% year-on-year to AED 101.4 million for the year ended 31 December 2018.

As for the fourth quarter of 2018, RAK Properties' net profits grew to AED 144 million, versus AED 117 million in Q4-17.

It is worth noting that RAK Properties’ profits retreated by 92% to AED 6.1 million during the first nine months of 2018, from AED 74.7 million in the same period of the prior year.

By 01:12 pm UAE time, RAK Properties’ stock rose 1.10% at AED 0.45.