Riyadh – Mubasher: Red Sea Housing Services’ profits grew 85.29% to SAR 31.5 million ($8.4 million) in the second quarter of 2016 from SAR 17 million ($4.53 million) in Q2-15.
The increase in the company’s Q2-16 net profits is attributed to a 26.3% increase in the profit margin and a 14.4% decrease in total operating expenses, according to a bourse filing on Wednesday.
The company’s net profit also rose 35% to SAR 63.6 million in the first six months of 2016 from SAR 47.1 million in the same period of 2015.
