Red Sea Housing Services reports rise in half-year revenues
Red Sea Housing Services, a global leader in the manufacture of modular buildings around the world, today reported revenues of SAR 287.3 million for the first half of 2007, a 16.2% increase over revenues of SAR 247.2 million for the same period in 2006.
Dr. Majid Abdullah Al Kassabi, Chairman of Red Sea Housing, made the announcement during a full meeting of the Board of Directors at the company’s Ghana manufacturing plant in Accra.
Operating profits for the six months ended June 30, 2007 were SAR 54.2 million, compared with SAR 49.3 million during the corresponding period in 2006, an increase of 10%. The company reported earnings of SAR 1.67 per share during the period, up 1.2% from the EPS of SAR 1.65 recorded during the first six months of last year.
Don Sumner, CEO of Red Sea Housing, said, “During the first six months of 2007, Red Sea Housing has invested in the construction of a number of camp facilities for lease to customers. The company anticipates that these income-producing assets will positively affect operations in the future.”