RAK Properties, a UAE-based property developer, has recorded a net profit for the first nine months of 2016 of AED 79.15 mn, reported Gulf News.

This net profit marks a 187.9% increase compared to the same period last year. Revenues of the company amounted to AED 305 mn. RAK’s CEO and managing director, Mohammed Sultan Al Qadi, said he expected further gains due to recent development announcements and project handovers.

RAK held total assets of AED 4.76 bn at the end of the third quarter of 2016, marking a minor increase from the AED 4.75 bn at the end of last year.