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Sun 19 Oct 2008 02:57 PM

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Red Sea Housing announces 96% rise in profit

Saudi temporary housing supplier posts record revenue for first nine months of 2008.

Red Sea Housing Services, a Saudi-based manufacturer of remote temporary housing solutions, on Sunday announced a 96 percent rise in its profits for the nine months of 2008.

Other highlights for the period, ending September 30, included record revenue of 857 million Saudi riyals ($228 million) up from 543 million riyals for the same period last year.

Net profits rose from 173 million riyals up from 88 million last year - a 96 percent profit increase.

Company chiefs said the increase in revenue was due in part to receiving the largest ever orders for remote site housing solutions inclusive of water treatment plants and power plants.

Dr Majid Kassabi, chairman, said: “The company has delivered a truly outstanding performance in the first nine months of 2008, complemented by a strong third quarter.

"The company has delivered record revenues and net income results all meeting or surpassing our projected budget. Over the last 12 months return on equity stands at 31 percent.”

Don Sumner, managing director, added; “These exceptional financial results were supported by our ability to execute our strategic projects while further strengthening our global client delivery services. The strength of our core suite of products has helped us drive close to a triple-digit rise in net income.

“Over the near term, we are continuing to expand our delivery capabilities in North Africa to satisfy customer demand for quality accommodation, as they continue to increase their presence in this and other remote areas around the globe.”

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