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FINANCIAL NEWS
Saudi Red Sea Housing reports USD6.7m profit in Q3
24 Oct 2012
(MENAFN) Saudi developer Red Sea Housing Services Company reported a 98.23 percent increase in quarterly profits, Arab News reported.
The company said it earned USD6.7 million net profit in the third quarter, up from USD3.4 million a year earlier.
Quarterly gross profit for the third quarter rose by 158.13 percent to USD16.6 million from last year’s same period, the company said.
Quarterly operating income increased 130.48 percent to USD7.65 million from USD3.32 million a year earlier.
As for the nine months to September, the company reported a 31.93 percent increase in profits to USD23.34 million from USD17.7 million a year ago.
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