16.6% Increase in Net Income: Red Sea Housing Achieves SAR 127.4 Million in the First Nine Months of 2014

DUBAI, UAE, Oct. 30, 2014 /CNW/ - Red Sea Housing Services Company (RSH) has revealed excellent performance for the first nine months of 2014, posting Net Income of over SAR 127.4 million with Earnings per Share of SR 2.12. According to the company's senior executives, the figures posted demonstrate a 16.6% growth from the SAR 109.3 million recorded over the same period in 2013.

Joseph Vecchiolla, CEO of RSH, said, "The company continues its positive streak with the achievement of SAR 127.4 million in Net Income during the first nine months of 2014, which is mainly attributed to the noticeable surge in the revenues as a result of the increase in the sale of housing units by 11.6%in addition to camp rental revenue, which grew by 24.3%."

Vecchiolla added that the gross profit of the company for the first nine months showed a significant increase of 14.0% when compared to the same period of 2013--reaching a total of SAR 215.5 million.

"The financial results have seen remarkable improvement in general--reflecting our continued efforts to implement the pillars of the 2020 Growth Strategy and achieve its objectives, which is aims to promoting the company's presence across major markets and entering into new promising international markets," concluded Vecchiolla.

With presence in 60-plus countries, Red Sea Housing Services Company (Tadawul: 4230) is the world's leading designer, manufacturer, financier and manager of large-scale accommodation solutions, with specialist expertise in supplying building materials, affordable housing to economically-developing countries and fast, turnkey satellite living localities to the construction, energy and Government sectors globally.

SOURCE: Red Sea Housing Services

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