Red Sea to give 20pc dividend
Jubail, Saudi Arabia, March 24, 2008
Red Sea Housing Services board of directors are set to make a recommendation to distribute a dividend of 20 per cent.
Red Sea Housing, a global leader in the manufacture of modular buildings in the Middle East, Africa and Asia, has announced its invitation to shareholders to attend the annual general meeting (AGM) being held at the Intercontinental Hotel in Jubail on April 19.
Red Sea Housing chairman Dr Majed Al Kassabi said the recommended dividends are based on the results of revenues for the financial year ending on December 31, 2007, which increased by 77.7pc from 2006, totalling final earnings of SAR690 million ($184.24m) by the end of the year.
“We had a successful 2007 in terms of company growth and business development, and increased shareholders’ equity from SAR456.871 million to SAR528.6 million. Furthermore, we increased the return on equity from 19.6pc up to 22.2pc, marking an excellent year for company shareholders,” said company’s chief executive officer Don Sumner.
“In 2008 we will concentrate on increasing our production capacity and human resources to meet the growing regional demands for our products and services. To date, we have successfully recruited new key employees that will be responsible for strengthening and growing our business alongside our tenured management team,” he said.
“We currently have a 3000-strong workforce situated in our operations throughout the region, with the entire staff of Red Sea Housing committed to making 2008 even more profitable for all stakeholders,” said Sumner. – TradeArabia News Service