Red Sea Housing Services Reports Rise in Third Quarter Revenues
Red Sea Housing Services, a global leader in the manufacture of modular buildings around the world, today reported revenues of SAR 543.4 million for the first nine-months of 2007, a 46% increase over revenues of SAR 371.8 million for the same period in 2006.
Dr. Majid Abdullah Al Kassabi, Chairman of Red Sea Housing, announced operating profits for the nine months ended September 30, 2007 were SAR 97.1 million, compared with SAR 72.2 million during the corresponding period in 2006, an increase of 34.4%. The company reported earnings of SAR 2.95 per share during the period, up 24.3% from the EPS during the first nine months of last year.
Don Sumner, Managing Director of Red Sea Housing, said, “During the first nine months of 2007, Red Sea Housing achieved higher sales that had a lower margin which generated increased additional net income. This shows dedication to our core business of servicing the Oil & Gas industry where we are building volume. It is especially rewarding to know that the bulk of our sales are from long-term repeat customers”