Red Sea Housing Services profit increase

The company has seen almost a 20% growth year-on-year

Red Sea Housing Services Company (RSH).
Red Sea Housing Services Company (RSH).

Red Sea Housing Services Company (RSH) has revealed net income of over $33mn, with earnings per share of SR$0.60, for the first nine months of 2014.

The figures demonstrate a 16.6% growth from the $29mn over the same period in 2013.

Joseph Vecchiolla, CEO of RSH, said: “The company continues its positive streak with the achievement of SAR127.4mn in net income during the first nine months of 2014, which is mainly attributed to the noticeable surge in the revenues as a results of the increase in the sale of housing units by 11.6% in addition to camp rental revenue, which grew by 24.3%.”

Vecchiolla added that the gross profit of the company for the first nine months showed a significant increase of 14% when compared to the same period of 2013--reaching a total of SAR215.5mn.

“The financial results have seen remarkable improvement in general - reflecting our continued efforts to implement the pillars of the 2020 Growth Strategy and achieve its objectives, which is aims to promoting the company’s presence across major markets and entering into new promising international markets” he added.


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