Saudi Arabia-based Red Sea Housing Services Company (RSH) has registered a 16.6 per cent growth in its net income for the nine-month period which hit SR127.4 million ($34 million) compared to SR109.3 ($29 million) last year.

With a presence in more than 60 countries, RSH is a leading designer, manufacturer, financier and manager of large-scale accommodation solutions.

The company boasts specialist expertise in supplying building materials, affordable housing to economically-developing countries and fast, turnkey satellite living localities to the construction, energy and government sectors globally, said a top official.

CEO Joseph Vecchiolla said: "The company continues its positive streak with excellent results for the nine-month period.

"There has been a noticeable surge in the revenues as a result of the increase in the sale of housing units which grew by 11.6 per cent in addition to camp rental revenue which soared by 24.3 per cent," he added.

According to Vecchiolla, the gross profit for the first nine months hit SR215.5 million ($57.2 million), showing a significant increase of 14 per cent when compared to last year.

"These results have seen remarkable improvement in general, reflecting our continued efforts to implement the pillars of the 2020 growth strategy and achieve its objectives which includes boosting the company’s presence across major markets and entering into new promising international markets," he added.-TradeArabia News Service