Red Sea Housing Services Company was recently awarded a SR 74 million contract from GS Engineering Company to build camps for its employees in Rabigh.
GS Engineering recently won a contract from Saudi Aramco to execute the second phase of the expansion of the Rabigh petrochemical complex.
Red Sea Housing Services Company has also announced its interim financial results for the period ending Sept. 30, 2012 showing its 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 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 at the company.
“We are investing a total of SR 2 billion to implement the strategy.”
The company reported a significant increase in gross profit in the third quarter by 158.13 percent compared to same period 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 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 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 last year.
The nine-month-period results show its gross profit at SR 159.96 million compared to SR 113.12 million for the same period last year, an increase of 41.41 percent, while operating income for the nine months is SR 96.88 million compared to SR 73.27 million for the same period last year, an increase of 32.23 percent.
Red Sea Housing Q3 net income up 98%
