JEDDAH – RED Sea Housing Services Company (RSH), a provider of high-quality industrial housing solutions, reported net profits of SR109.26 million in the first nine months of 2013, surging 24.74 percent compared to SR87.56 million achieved in the same period of 2012. Net Profit for the third quarter of 2013 soared by 75.71 percent to mark a SR44.42 million, which is the highest profit reported in the past 17 quarters. Mohammed Othman Mallawi, Investor Relations Manager, Red Sea Housing Services, said “the current increase in profits is primarily attributed to the company's growing revenues from the sale of housing units and our ability to maintain low installation costs in the different projects.” “The success in the company's business and activities was achieved through the methodical implementation of the adopted strategy, which aims at penetrating new markets such as Australia and the Americas, in addition to expanding in existing markets. The healthy performance of the Oil & Gas and Mining sectors in the region continues to accelerate the demand for RSH products. The SR2 billion capital expenditures outlined in the strategy will aim at investing in building materials and equipment sector, and entering the affordable housing sector to serve the Kingdom of Saudi Arabia and other countries around the world,” Mallawi noted. Red Sea Housing Services shares witnessed trading volume that exceeded SR76 million in the session following the announcement of the Q3 results. The share price soared by 8 percent to close at SR50.75, which is the highest close in four years. — SG
