Red Sea Housing Services Company reported earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported a 3% annual decrease in its net profit to SAR 43.12 million (USD 11.5 million/EUR 8.97 million) due to an increase in overall expenses and higher raw material prices. Gross profit fell 5.84% to SAR 75.6 million while operating profit dropped 1.9% to SAR 45.67 million.

For the nine-month period ended on September 30, 2014, the company registered a 16.62% rise in its net profit to SAR 127.42 million. Earnings per share stood at SAR 2.12, compared to SAR 1.82. Gross profit grew 14% to SAR 215.5 million while operating profit increased 15.1% to SAR 133.35 million.