Red Sea income grows 7% Y-o-Y in 1Q2016 on better margins
Red Sea Housing Services reported its financial headline figures for 1Q2016. Net income was SAR32.1 million (+6.8% Y-o-Y, +18.4% Q-o-Q), the highest for the company since 3Q2014. Operating profit was SAR39.3 million (+14.1% Y-o-Y, +16.9% Q-o-Q), while gross profit totaled SAR75.1 million (+11.9% Y-o-Y, -6.3% Q-o-Q). Management attributed the growth in net income Y-o-Y to gross margin expansion to 27.6% from 24.4% from higher revenue from rental income and paint division and lower direct costs for both. (Tadawul)
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