RAK Properties reported a more than threefold increase in net profit for the first quarter on the back of higher net operating income and lower finance costs.
Net profit for the three months ending March 31 was Dh12.04 million, up from Dh3.51m reported during the same period last year, the company said in a filing to the Abu Dhabi Securities Exchange, where its shares trade.
Operating income during the period more than doubled to Dh13.4m but revenue fell 22 per cent to Dh36m.
Finance income increased to Dh3m during the period, compared to Dh2.5m in the first quarter of last year. Finance costs fell 40 per cent year on year to Dh3m. The company’s cost of sales dropped 25 per cent to Dh22.6m.
The company said the 144-apartment Gateway Residence project in Ras Al Khaimah and the 266-apartment Julphar Residence in Abu Dhabi are at an advanced stage of development, with delivery expected in the second quarter and third quarter of this year, respectively.
The construction of the Marbella Villas project at its Dh10 billion Mina Al Arab development in Ras Al Khaimah, with 205 villas and townhouses, is progressing according to plan, the company said.
RAK Properties is also developing two hospitality projects in Ras Al Khaimah – an Intercontinental Hotel and Resort with 350 rooms and an Anantara Mina Al Arab Hotel and Resort with 174 rooms. It, however, did not give an update on the opening date for either project.
“The hotel properties are expected to form part of the hospitality portfolio to facilitate a recurring revenue stream,” Mohammad Sultan Al Qadi, managing director of RAK Properties, said.
Total assets stood at Dh5.65bn during the first quarter, up 1 per cent on the Dh5.59bn reported at the end of 2019.
RAK Properties is targeting Dh300m in 2020 revenue, Mr Al Qadi told The National earlier this year.
“We have two towers, which are nearing completion,” he said.
“One in Ras Al Khaimah, which will be handed over in March, and [one] in Abu Dhabi [which will be handed over] in June. With these projects, we expect our revenue to almost double. We also have villas and other units to be sold.”
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UAE currency: the story behind the money in your pockets
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
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Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
