Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Red Sea Housing net profit rises 23.13 to SR40.78m in Q2  Join our daily free Newsletter

MENAFN - Arab News - 20/08/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Red Sea Housing Services Co. (RSH) has posted outstanding performance for the first half of 2014 revealing operating income of SR41.59 million a growth of 17.69 percent compared to the same period of 2013.

The company's upward trajectory also shows a 23.13 percent and 22.64 percent increase for second quarter in net profit and gross profit respectively. The second quarter net profit stood at SR40.78 million while the gross profit jumped to SR67.5 million.

During the first six months of 2014 RSH's net profit surged to SR84.3 million reflecting an increase of 30.01 percent compared to the SR64.84 million posted during the first six months of 2013. Gross profit also grew by 28.7 percent to SR139.91 million while the operating income reached SR87.68 million an increase by 26.47 percent.

Mohammed Othman Mallawi investor relations manager RSH explained that the increased figures can be attributed primarily to the improved sales of housing units and the noticeable increase in rental revenues leading to a higher net profit for the first half of this year.

'Another net profit growth driver was the 26.07 percent increase in gross profit margin during the first six months of the year as a result of higher revenues and lower camp's installation costs' Mallawi said.

'The financial results for the second quarter meanwhile showed a remarkable improvement compared to the same period of 2013. The recent accomplishments demonstrate our intensified efforts and strong commitment to further strengthen RSH's robust presence in major markets and make a footprint in new and promising international markets around the world. All our initiatives are evidently in line with the company's 2020 growth strategy' he added.

'The company's recent development project worth SR67 million in Papua New Guinea is also expected to further bolster our financial performance. The project which covers over 70000 square meters involves the construction of 150 housing units in Bomana Area for the local police force. The financial impact of this project shall reflect on the financial results for Q3 2014. The positive developments that we witnessed during the second quarter and first half of 2014 were the result of our continuing commitment to offer high-quality residential solutions to our customers across the globe' Mallawi added.

With presence in 60-plus countries Red Sea Housing Services Company is described as 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.

 


Arab News




  MENA News Headlines
 Sep 23 2014 - Real Estate Transactions Worth over QR660 Million Last WeekQatar News Agency
(MENAFN - QNA) Real estate transactions between September 14 and 18 for the real estate sales contracts registered at the Ministry of justice are worth QR660,849,178, the real estate registration ...

 Sep 23 2014 - White House Intruder Raises Questions of Failures of US Secret ServiceQatar News Agency
(MENAFN - QNA) Questions are being raised in the US Congress and in the public about the failures of the US Secret Service to stop a man carrying a concealed knife from climbing over a fence and ...

 Sep 23 2014 - Saudi Arabia Seeks UN Resolution to End Israeli OccupationQatar News Agency
(MENAFN - QNA) The Kingdom of Saudi Arabia vowed today that it's time to seek a UN Security Council resolution to set a timetable to end the Israeli occupation of Palestinian territories and achieve ...

 Sep 23 2014 - Qatar to Host 13th UN Congress on Crime Prevention and Criminal JusticeQatar News Agency
(MENAFN - QNA) The government of the State of Qatar and the United Nations Office on Drugs and Crime (UNODC) signed here Monday an agreement for hosting the 13th UN Congress on Crime Prevention and ...

 Sep 23 2014 - Vice Chairman of Hungarian Investment Promotion Agency Meets Qatari AmbassadorQatar News Agency
(MENAFN - QNA) Vice Chairman of Hungarian Investment Promotion Agency Bettina Hruby met with HE Qatar's Ambassador to Hungary Abdullah Hussein Al Jaber. During the meeting, they reviewed bilateral ...

 Sep 23 2014 - French Premier Says 'No Negotiation' With AbductorsQatar News Agency
(MENAFN - QNA) French Prime Minister Manuel Valls Tuesday said there would be "no discussion, no negotiation" with an Algerian group that has abducted a French citizen. The Prime Minister told ...

 Sep 23 2014 - Turkey to expand trade with SharjahMENAFN
(MENAFN) A delegation of Independent Industrialists and Businessmen Association (MUSIAD) from Turkey held a meeting with the director of Hamiryah Free Zone Authority (HFZA) and Sharjah Airport Free ...

 Sep 23 2014 - Lebanese Soldier Killed in Gunfire Attack in TripoliQatar News Agency
(MENAFN - QNA) A Lebanese soldier was killed and two other soldiers wounded on Tuesday morning when an unidentified car opened fire on the Lebanese Army's barracks in al-Beddawi near the northern ...

 Sep 23 2014 - Saudi flag unfurled on world's tallest flagpoleArab News
(MENAFN - Arab News) Jeddah municipality will today hoist a giant Saudi flag onto the world's tallest flagpole to mark the country's 84th National Day.The pole is 170 meters high while the flag is ...

 Sep 23 2014 - Killing of Saudi hostage taker under probeArab News
(MENAFN - Arab News) The Saudi Embassy in Kuwait City said Monday that it was following up the killing of a Saudi citizen who had taken his family hostage at gun point in an exchange of fire with ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help