Quotes: 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
 Apr 30 2016 - Qatar's MPHC net profit up 83 percent in Q1MENAFN
(MENAFN) Mesaieed Petrochemical Holding Co. posted net profit of USD 58.28mn for the first quarter of this year, an increase of 83 percent.Furthermore, the increase was attributed to growth sales ...

 Apr 30 2016 - Aaml Co. net profit jumps 33.7 percent in Q1MENAFN
(MENAFN) Aamal firm, one of the GCC's fastest growing firms, proclaimed net profit of USD 42.18mn for Q1 of this year, a jump of 33.7 percent.Additionally, group profit were up 6.9 percent to USD ...

 Apr 30 2016 - Egypt, UAE to discuss relations in real estate projectsMENAFN
(MENAFN)Egypt and UAE will discuss real estate investment projects that UAE seeks to participate in.Moreover, these projects involve the New Administrative Capital, as well as housing projects in ...

 Apr 29 2016 - Omani power firm to build vital power facilityMENAFN
(MENAFN) Omani Musandam Power Company SAOC (MPC) will construct the Musandam Independent Power Plant (Musandam IPP) in the Musandam Governorate.As a high level official stated, the firm's strategy ...

 Apr 29 2016 - Saudi, French bilateral trade to reach USD13.6bMENAFN
(MENAFN) The Saudi-French Business Opportunities Forum taking place in Saudi Arabia delivers the finest stage to advance parts of mutual collaboration in many new areas.The two countries enjoy great ...

 Apr 29 2016 - KSA continues to prioritize low spendingMENAFN
(MENAFN) Saudi plans to return unspent money which was allocated in this year's budget for the purpose of cutting waste as state revenues weakens due to low oil prices.In the recent past, government ...

 Apr 29 2016 - Qatar- El Jaish aim to dethrone LekhwiyaThe Peninsula
(MENAFN - The Peninsula) Lekhwiya players lift the Qatar Cup trophy in this May 2 2015 file picture. Doha: El Jaish will be looking for a repeat of their 2014 Qatar Cup success when they ...

 Apr 29 2016 - Qatar Cup Trophy Tour stops at OoredooThe Peninsula
(MENAFN - The Peninsula) Doha: The Qatar Cup tour made its final stop at Ooredoo the official telecom partner of the Qatar Cup 2016. Staff and management took an opportunity to take photos and ...

 Apr 29 2016 - Al Rayyan rally to win Qatar Cup titleThe Peninsula
(MENAFN - The Peninsula) Al Rayyan SC players and officials celebrate while receiving the Qatar Cup after they beat El Jaish SC 21-25 25-18 25-17 32-34 18-16 in the final played at Ali Bin Hamad Al ...

 Apr 29 2016 - Qatar- Emir Cup: Al Kharaitiyat Al Gharafa earn thrilling wins to advanceThe Peninsula
(MENAFN - The Peninsula) Al Sailiya’s Abdurahman Al Harazi (left) celebrates after scoring the first goal for his team during their Emir Cup third round match against Al Wakrah SC at Al Arabi ...

 Apr 29 2016 - Steinmeier doubts Trump's 'America first' planThe Peninsula
(MENAFN - The Peninsula) German Foreign Minister Frank-Walter Steinmeier gestures during a joint press conference with Portuguese Foreign Minister Augusto Santos Silva (not seen) after their meeting ...

 Apr 29 2016 - Qatar- Met predicts a hot day with some cloudsThe Peninsula
(MENAFN - The Peninsula) Doha: The weather forecast for Qatar valid until 6pm Thursday inshore will be hot during the day with some clouds offshore will be hazy to misty at places and partly ...

 Apr 29 2016 - Qatar key to boosting Turkey-GCC tiesThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani met Turkey’s Prime Minister Dr Ahmet Davutoglu and his delegation at the Emiri Diwan yesterday. They discussed relations ...

 Apr 29 2016 - Qatar- Emir welcomes King Mohammed of MoroccoThe Peninsula
(MENAFN - The Peninsula) Emir H H Sheikh Tamim bin Hamad Al Thani welcomes King Mohammed VI of the Kingdom of Morocco and his delegation at Hamad International Airport. Doha: Emir H H Sheikh ...

 Apr 29 2016 - Qatar eyes 'best of the best' turf for 2022The Peninsula
(MENAFN - The Peninsula) A worker tends to grass being grown at a research and development centre in Murakh to find the best playing surface for FIFA 2022 yesterday. Doha: Watching grass grow ...

 Apr 29 2016 - Qatar discusses WTD eventsThe Peninsula
(MENAFN - The Peninsula) Doha: Qatar Tourism Authority (QTA) yesterday held a meeting with UN World Tourism Organisation (UNWTO) to discuss Qatar’s preparations to host World Tourism Day 2017. ...

 Apr 29 2016 - Qatar- Premier meets EU Counterterrorism CoordinatorThe Peninsula
(MENAFN - The Peninsula) Doha: Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser bin Khalifa Al Thani yesterday met European Union Counterterrorism Coordinator Gilles de Kerchove ...

 Apr 29 2016 - Qatar- QU University of Illinois sign dealThe Peninsula
(MENAFN - The Peninsula) DOHA: An agreement signed between Qatar University College of Medicine (QU-CMED) and the Board of Trustees of the University of Illinois at Chicago (UIC) has established ...

 Apr 29 2016 - Qatar- AZF Ramadan Sports Festival from June 10The Peninsula
(MENAFN - The Peninsula) DOHA: Aspire Zone Foundation (AZF) has added cricket and rugby to its annual Ramadan Sports Festival which starts on June 10. The two-week event will end on June 24 (5-19 ...

 Apr 29 2016 - Qatar- First phase of mapping genetic code of citizens in final stageThe Peninsula
(MENAFN - The Peninsula) By Fazeena Saleem DOHA: The initial phase of an initiative to map the genetic code of citizens for better diagnoses and treatment of diseases in Qatar has reached the ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help