Saudi-based Red Sea Housing Services Company said it has been awarded a SR74 million (19.7 million) contract by GS Engineering Company to build camps for its employees in Rabigh area.

GS Engineering had recently won a contract from oil giant Saudi Aramco to execute the second phase of the expansion of the Rabigh petrochemical complex.

Red Sea Housing also announced its interim financial results for the period ending September 30 netting a 98.2 per cent growth in its third quarter income which reached SR25.28 million compared to SR12.75 million last year.

“The strong financial results for the first three quarters of 2012 show that our growth strategy is firmly on track,” remarked Mohammed Mallawi, the 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 Saudi Arabia and other countries around the world; and investing in the building and construction materials sector,” Mallawi stated.

According to him, the company reported a significant increase in Gross Profit in the third quarter by 158.13 per cent compared to same period of last year, reaching SR62.13 million, said Mallawi.

The operating income for the third quarter surged to SR28.7 million from SR12.44 million for the same quarter last year, thus posting an increase of 130.48 per cent, he added.

Red Sea Housing Services has three factories located in Jubail (Saudi Arabia), Jebel Ali (Dubai) and Accra in Ghana.

In addition to its activities in Saudi, Dubai, Ghana and Libya, the company also has subsidiaries in Algeria, Qatar, Nigeria and Papua New Guinea.

To date, Red Sea Housing Services has executed projects in 62 counties around the world.-TradeArabia News Service