Issue No 263 - 01 April 2008
  RAK Properties approves 7.5pc dividend

Ras Al Khaimah's leading real estate firm Rak Properties has approved proposal for 7.5 per cent dividend at its annual general meeting.

The company reported net profit of Dh496 million in its second financial year, which ended on December 31, 2007. The profit, earned during the second year of operation, represents 24.81 per cent of the company's capital and corresponds to earnings per share (EPS) of 25 fills.

"Although the company has recorded substantial sales up to 31st December 2007, revenue recognition has been postponed until such time costs can be reasonably attributed to individual units and beneficial ownership has been transferred to buyers. As a result the Profit and Loss account does not show the revenue from sales," RAK Properties chairman said.

Also on the AGM's agenda, were approvals of the Auditors’ Report and the balance sheet as well as profit & loss statement for 2007? Other items on the agenda included; appointment of auditors for the year 2008.

Reiterating the company's commitment to meeting the expectations of its shareholders, the chairman told the AGM that RAK Properties will continue to focus on large scale developments with special emphasis on the development of the emirate.

"In its endeavour to maintain its role as the premier real estate company in Ras Al Khaimah and to spearhead the economic progress of the emirate, RAK Properties will launch several new projects, both national and international, in the year 2008," the chairman said.

"The potential for real estate in the UAE looks tremendous and the global investor community has expressed strong confidence especially in Ras Al Khaimah's credentials and prospective. RAK Properties now has the ideal setting to capitalize on its achievements and take real state investment in Ras Al Khaimah to new highs," said RAK Properties Managing Director & CEO Mohammed Sultan Al Qadi.

Source: Trade Arabia News

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