Red Sea Housing Services sees net profit increase of 148% in first half of 2008

"The steady growth of our core business and our diversification into leasing is a clear reflection of the market's continuing and rapidly expanding need for our products and services," said Dr Majid Al Kassabi. "This strong demand from the marketplace has resulted in our highest ever sales figures for a six-month period. In this six-month period alone we have surpassed our previous annual sales record, which was achieved for the entire 12 months of 2007."

The increase in revenue is due in part to the company's largest ever orders for remote site housing solutions inclusive of Water-Treatment Plants and Power Plants, and is also due to the company's income from rental - which grew 162% for the first six months of 2008 - mostly from the company's new assets built last year.

Don Sumner, Managing Director of Red Sea Housing Services commented; "These new sources of rental income could stabilize future earnings and allow for increased profit margins, and may permit the company to pursue long term financial stability."

"In order to remain a leader in this dynamic global marketplace, our company will be mostly concentrating on increasing productivity," added Sumner. "Over the near term, we are looking to expand geographically to satisfy customer demand for quality accommodation, as they seek to cater to their escalating human assets in diverse and remote areas around the globe."