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 19 2015 - More than 30% of Arab youth jobless: labour officialAFP
(MENAFN - AFP) More than 30 percent of young Arabs are jobless because of unrest in many Arab nations and not enough investment, a top labour official said on Sunday. "The unemployment rate among ...

 Apr 19 2015 - Saudi giant SABIC Q1 net profit down 39 percentAFP
(MENAFN - AFP) Saudi petrochemicals giant SABIC on Sunday posted a 39 percent decline in net profits for the first quarter of 2015 compared with a year ago before global oil prices plunged. Saudi ...

 Apr 19 2015 - UAE has 4% of world's oil, 3.5% of gas reserves: Energy MinisterEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) UAE Energy Minister, Suhail bin Mohammed Faraj Faris Al Mazrouei, said that the UAE has 4 per cent of the world's oil reserves and nearly 3.5 per cent of the ...

 Apr 19 2015 - New Zealand Prime Minister to lead trade mission to the UAEEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) John Key, New Zealand's Prime Minister, is to lead a business delegation to the United Arab Emirates on 26th April."The visit is an opportunity to strengthen and ...

 Apr 19 2015 - Etihad Airways wins Crystal Cabin AwardEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Etihad Airways has scooped the coveted 2015 Crystal Cabin Award in the Premium Class and VIP category, for its innovative Airbus A380 upper deck cabin designs ...

 Apr 19 2015 - UAE- Civil Defence Officers awarded new ranksEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Major General Jassem Al Marzouqui, Commander-in-Chief of the Civil Defence at the Ministry of Interior, has decorated a number of officers at the Abu Dhabi Civil ...

 Apr 19 2015 - Energy Minister receives UAE AmbassadorEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Abdul Hussain bin Ali Mirza, Bahraini Energy Minister, has received Abdulridha Abdullah Mahmoud Khori, UAE Ambassador to the Kingdom of Bahrain.During the ...

 Apr 19 2015 - DFWAC participates in GCF Partner Council meeting in SwedenEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The Dubai Foundation for Women and Children, DFWAC, has participated in the Partner Council Advisory Board meeting of the Global Child Forum, GCF, held recently ...

 Apr 19 2015 - UAE- ADNEC to host Cityscape Abu Dhabi 2015Emirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) Abu Dhabi National Exhibition Centre, ADNEC, has set the stage for the ninth edition of Cityscape Abu Dhabi to run from 21st to 23rd April, under the patronage ...

 Apr 19 2015 - UAE- TRA participates in the Global Conference on Cyberspace 2015 in NetherlandsEmirates News Agency (WAM)
(MENAFN - Emirates News Agency (WAM)) The General Authority for Regulating the Telecommunications Sector, TRA, participated in the Global Conference on Cyberspace 2015, which was held in The Hague, ...

more...


 






Google

Internatinal Property Show

 
 

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