(MENAFN) Net profit of Red Sea Housing Services Company (RSH) saw a significant growth of 24.74 percent reaching USD29.12 million during the first nine months of the current year compared to USD23.34 million during the same period in 2012, according to Arab News.
The company's net profit grew by 75.71 percent in the three months to the end of September reaching USD11.84 million, recording its highest rate in 17 quarters.
"The current increase in profits is primarily attributed to the company's growing revenues from the sale of housing units and our ability to maintain low installation costs in the different projects," said Mohammed Othman Mallawi, investor relations manager, Red Sea Housing Services.
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