Mohammed Othman Mallawi
The company's upward trajectory also shows a 23.13 percent and 22.64 percent increase for second quarter in net profit and gross profit, respectively. The second quarter net profit stood at SR40.78 million, while the gross profit jumped to SR67.5 million.
During the first six months of 2014, RSH's net profit surged to SR84.3 million, reflecting an increase of 30.01 percent compared to the SR64.84 million posted during the first six months of 2013. Gross profit also grew by 28.7 percent to SR139.91 million, while the operating income reached SR87.68 million, an increase by 26.47 percent.
Mohammed Othman Mallawi, investor relations manager, RSH, explained that the increased figures can be attributed primarily to the improved sales of housing units and the noticeable increase in rental revenues, leading to a higher net profit for the first half of this year.
"Another net profit growth driver was the 26.07 percent increase in gross profit margin during the first six months of the year as a result of higher revenues and lower camp's installation costs," Mallawi said.
"The financial results for the second quarter, meanwhile, showed a remarkable improvement compared to the same period of 2013. The recent accomplishments demonstrate our intensified efforts and strong commitment to further strengthen RSH's robust presence in major markets and make a footprint in new and promising international markets around the world. All our initiatives are evidently in line with the company's 2020 growth strategy," he added.
"The company's recent development project worth SR67 million in
With presence in 60-plus countries,
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