Red Sea Housing revenues top $184m
Jubail , March 4, 2008
Red Sea Housing Company has posted total revenues of SR690.2 million ($184.4 million) for the 12-month period ending December 31, 2007.
This compares with the SR388.3 million it earned for the nine-month period ending December 31, 2006. Revenue increased over the course of the year by a phenomenal 77.7 per cent, said chairman of Red Sea Housing Services Dr Majid Al Kassabi hailing a successful year which witnessed a phenomenal increases in the company’s total revenue, operating profit and earnings per share.
Operating profit for 2007 totalled SR125.9 million, compared with the SR95.7 million earned in the year-ending 31 December 2006. Operating profit between 2006 and 2007 increased by 31.6 per cent.
In addition, earnings per share for the year ending December 31 were SR 3.9, compared with SR2.9 in the year-ending on 31 December, 2006. The per centage increase of earnings per share equalled 30.8 per cent.
Managing director of Red Sea Housing Services Don Sumner highlighted that part of 2007’s success was attributable to the company becoming fully operational in both Qatar and Algeria, which added to the company’s net profit.
“It has been a very successful year for Red Sea Housing thanks to our regional expansions and our ability to quickly adapt to regional demands for remote site facilities,” he said. – TradeArabia News Service