Red Sea Housing Company enjoys phenomenal growth as 2007's financial results announced

Dr. Majid Al Kassabi, Chairman of Red Sea Housing Services, hailed a successful year, with phenomenal increases in the company's total revenue, operating profit and earnings per share.

Year-end results:
Red Sea Housing Company earned total revenue of SR690.2m for the twelve-month year-ending December 31, 2007.

This compares with the SR388.3m earned for the nine-month year-ending December 31 2006. Revenue increased over the course of the year by a phenomenal 77.7%.

Operating profit for 2007 totalled SR125.9m, compared with the SR95.7m earned in the year-ending 31 December 2006. Operating profit between 2006 and 2007 increased by 31.6%.

In addition, earnings per share for the year ending December 31 were SR3.9 compared with SR2.9 in the year-ending on 31 December 2006. The percentage increase of earnings per share equalled 30.8%.

Mr. Don Sumner, Managing Director of Red Sea Housing Services, highlighted that part of 2007's success was attributable to the company becoming fully operational in both Qatar and Algeria, which added to the company's net profit.

Sumner commented; "It has been a very successful year for Red Sea Housing thanks to our regional expansions and our ability to quickly adapt to regional demands for remote site facilities.

"We are aware of many proposed mega-projects such as LNG Plants, Refineries, Power Plants and Pipelines planned over the next 5 years, which we aim to fully support. Additionally, we plan to increase production capacity in our existing factories and open a new facility, which will allow us to build up our income producing assets for an even more profitable 2008".