RED Sea Housing Services Company was recently awarded a SR74 million contract from GS Engineering Company to build camps for its employees in Rabigh. GS Engineering has recently won a contract from Saudi Aramco to execute the second phase of the expansion of the Rabigh petrochemical complex. Meanwhile, Red Sea Housing also announced that its net income for the third quarter has reached SR25.28 million, an increase of 98.23 percent, compared to SR12.75 million for the same quarter of last year. “The strong financial results for the first three quarters of 2012 show that our growth strategy is firmly on track,” said Mohammed Mallawi, Investor relations manager. “We are investing a total of SR2 billion to implement the strategy, which is focused on expansion of our current activities, entering into new geographies, entering the affordable housing sector to serve the Kingdom of Saudi Arabia and other countries around the world; and investing in the building and construction materials sector.” Gross profit in the third quarter jumped 158.13 percent compared to same period of last year, reaching SR62.13 million. Operating Income for the third quarter is SR28.68 million compared to SR12.44 million for the same quarter of last year, an increase of 130.48 percent. While net income for the nine months period totaled SR87.55 million compared to SR66.37 million for the same period of last year, an increase of 31.93 percent. Earnings per share for the nine months period is SR2.19 compared to SR1.66 for the same period of last year. For the nine months period, gross profit is SR159.96 million compared to SR113.12 million for the same period of last year, an increase of 41.41 percent. While operating income for the period is SR96.88 million compared to SR73.27 million for the same period of last year, an increase of 32.23 percent. — SG
