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RAK Properties's net profits record AED 27m in H1-20

RAK Properties's net profits record AED 27m in H1-20
The EPS stood at AED 0.013 in H1-20
RAK Properties
RAKPROP
0.78% 0.39 0.00

Abu Dhabi – Mubasher: The consolidated interim financial results of RAK Properties registered net profits of AED 26.73 million in the first half (H1) of 2020, compared with AED 16.23 million in the same period of 2019.

The company's revenues increased to AED 120.02 million in the first six months of 2020 from AED 79.77 million in the year-ago period.

Meanwhile, the developer's sales backlog reached AED 140 million.

The basic and diluted earnings per share (EPS) stood at AED 0.013 in H1-20, versus AED 0.008 in H1-19.

During the second quarter (Q2) of 2020, the company's net profits rose to AED 14.69 million from AED 12.73 million in the corresponding quarter of the previous year.

It is noteworthy to mention that during the first quarter (Q1) of 2020, the company's net profits climbed by 243% to AED 12.04 million, compared to AED 3.51 million in the same period of 2019.