Red Sea Housing Services announces SR 145.8 million revenue in Q1 results

Red Sea Housing Company achieved revenues for the quarter ended March 31, 2007 of 145.8 million Saudi riyals compared with 118.3 million Saudi riyals for the three-month period ended March 31, 2006 for an increase of 23.3 per cent.

The Operating profit for the three-months ended March 31, 2007 was 48.0 million Saudi riyals compared with 32.8 million Saudi riyals in the three-months ended March 31, 2006 for an increase of 46.4%.

The company has achieved net profit for the quarter ended March 31, 2007 of 27.0 million Saudi riyals compared with 22.7 million Saudi riyals in the three-month period ended March 31, 2006 with an increase of 19.2%. The earning per share of the three-months ended March 31, 2007 was 0.90 versus 0.76 Saudi riyals in the three-months ended March 31, 2006 with an increase of 18.4%.

Don Sumner, CEO of Red Sea also announced that Red Sea Housing Services has been awarded contracts in Brunei and Armenia with a combined value of SAR 3,500,000.

'Red Sea has now developed building projects in a total of 52 countries around the world,' said Red Sea's CEO. 'Nabors Drilling awarded Red Sea a SAR 2,250,000 contract to construct a Rig Camp and offices project in Brunei,' added Sumner. 'High Artic Energy Services also awarded Red Sea a SAR 1,250,000 contract to construct a Rig Camp and offices project in Armenia,' he further added.

'Originally a domestic establishment in Jeddah, our company has been active in 52 countries and our human assets includes qualified and experienced personnel from the USA, the UK, Canada, the Philippines, India, Nepal, Egypt, Ethiopia, Algeria, Equatorial Guinea, Ghana and Kyrgyzstan whose blend of skills serve our customers globally,' said John Moon, Executive VP of Human Resources.

Patrick Cain, General Manager of Red Sea Dubai, said about the Brunei project, 'This marks yet another milestone for Red Sea by extending our reach even further east, into the heart of Southeast Asia.'