Abu Dhabi – Mubasher: RAK Properties has reported a 33% year-on-year profit decline during the fiscal year 2019.

The company’s net profit went down to AED 101 million last year, compared to AED 151 million in 2018, according to a bourse statement released on Thursday.

Revenue surged 90% to AED 192 million in 2019, from AED 101 million a year earlier.

Meanwhile, the Abu Dhabi-listed developer’s total asset rose by 6.3% YoY to AED 5.68 billion from January to the end of December 2019.

It is worth highlighting that during the first nine months of 2019, the company achieved a leap of 437% in net profit when compared to the corresponding period a year ago.