Red Sea Housing Services reports rise in half-year revenues

Red Sea Housing Services, a global leader in the manufacture of modular buildings around the world, today reported revenues of SAR 287.3 million for the first half of 2007, a 16.2 per cent increase over revenues of SAR 247.2 million for the same period in 2006.

Saudi Arabia: Monday, July 23 - 2007 at 08:12
PRESS RELEASE

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Dr. Majid Abdullah Al Kassabi, Chairman of Red Sea Housing, made the announcement during a full meeting of the Board of Directors at the company's Ghana manufacturing plant in Accra.
Operating profits for the six months ended June 30, 2007 were SAR 54.2 million, compared with SAR 49.3 million during the corresponding period in 2006, an increase of 10%. The company reported earnings of SAR 1.67 per share during the period, up 1.2% from the EPS of SAR 1.65 recorded during the first six months of last year.

Don Sumner, CEO of Red Sea Housing, said,

'During the first six months of 2007, Red Sea Housing has invested in the construction of a number of camp facilities for lease to customers. The company anticipates that these income-producing assets will positively affect operations in the future.'

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About Red Sea Housing Services

Red Sea Housing Services, a public company listed on the Saudi Stock Exchange under Red Sea symbol 4230, was established in 1986 and is a world leader in the manufacture of modular buildings for the Middle East, Africa and Asia (www.rsh.com.sa). It has supplied hundreds of projects in 54 countries around the world. With three modern manufacturing facilities, all ISO certified and strategically located in Saudi Arabia, United Arab Emirates and Ghana, Red Sea Housing Services is capable of serving its diversified clients with quality products in a timely manner.

For further information please contact
Bren Kleinert
MS&L/Dubai
Tel: +971 4 367 6151
Fax: +971 4 367 2615

Posted by Anne-Birte Stensgaard, Senior News Editor
Monday, July 23 - 2007 at 08:12 UAE local time (GMT+4)

Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of AME Info FZ LLC / Emap Limited.

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