Red Sea Housing Services reports rise in third quarter revenues

Red Sea Housing Services, a global leader in the manufacture of modular buildings around the world, today reported revenues of SAR543.4m for the first nine-months of 2007, a 46% increase over revenues of SAR371.8m for the same period in 2006.

Saudi Arabia: Sunday, November 04 - 2007 at 11:49
PRESS RELEASE

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Dr. Majid Abdullah Al Kassabi, Chairman of Red Sea Housing, announced operating profits for the nine months ended September 30, 2007 were SAR 97.1 million, compared with SAR72.2m during the corresponding period in 2006, an increase of 34.4%. The company reported earnings of SAR2.95 per share during the period, up 24.3% from the EPS during the first nine months of last year.

Don Sumner, Managing Director of Red Sea Housing, said,

'During the first nine months of 2007, Red Sea Housing achieved higher sales that had a lower margin which generated increased additional net income. This shows dedication to our core business of servicing the Oil & Gas industry where we are building volume. It is especially rewarding to know that the bulk of our sales are from long-term repeat customers.'

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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 remote site housing solutions having supplied hundreds of turn-key camps and utilities in a total of 54 countries. 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
Jacky Freer
MS&L/Dubai
Tel: +971 4 367 6152
Fax: +971 4 367 2615

Posted by Anne-Birte Stensgaard, Senior News Editor
Sunday, November 04 - 2007 at 11:49 UAE local time (GMT+4)

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