Red Sea Housing net income up 98%

Red Sea Housing Services Company has announced its interim financial results for the period ending Sept. 30, showing net income for Q3 reached SR 25.28 million, an increase of 98.23 percent, compared to SR 12.75 million for the same quarter of last year. "The strong financial results for the first three quarters of 2012 show that our growth strategy is firmly on track," said Mohammed Mallawi, investor relations manager of the company. "We are investing a total of SR 2 billion to implement the strategy, which is focused on expansion of our current activities, entering into new geographies, entering the affordable housing sector to serve the Kingdom of Saudi Arabia and other countries around the world; and investing in the building and construction materials sector." Continuing the announcement of the financial results, the company reported a significant increase in gross profit in the third quarter by 158.13 percent compared to same period of last year, reaching SR 62.13 million. Operating income for the third quarter is SR 28.68 million compared to SR 12.44 million for the same quarter of last year, an increase of 130.48 percent, while net income for the nine-month period totaled SR 87.55 million compared to SR 66.37 million for the same period of last year, an increase of 31.93 percent. Earnings per share for the nine-month period is SR 2.19 compared to SR 1.66 for the same period of last year.