Red Sea Housing Services has reported a net profit of SR123.5 million ($33 million) in the first half of this year up from SR50.1 million during the same period last year, an increase of 148 per cent.

The company, a leading manufacturer of remote site housing solutions, attributed the rise in revenue -- from SR287.3 million in H1 last year to SR597.3 million  this year -- to a steady growth of its core business and diversification into leasing.

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 also due to the company’s income from rental - which grew 162 per cent during the first six months of 2008, said Don Sumner, managing director of Red Sea Housing Services.

“These new sources of rental income could stabilise future earnings and allow for increased profit margins, and may permit the company to pursue long term financial stability," said Sumner. 

Apart from the Middle East, Red Sea has presence in Africa and Asia.  It has supplied turn-key camps and utilities in 56 countries around the world.  It has three modern manufacturing facilities, all ISO certified and strategically located in Saudi Arabia, UAE and Ghana. - TradeArabia News Service