Modular builder Red Sea Housing Services in Jubail, Saudi Arabia reports profits for the first nine months of 2012 rose 32 percent over the same period 2011, according to ConstructionWeekOnline. Year-over-year profits for the three months since June nearly doubled compared to last year. The company said the net income increase is due to the growth of rental income for the period. Gross profit margins also grew to 24.2% from 19.4% in the same period as last year. Located on the Persian Gulf, the company builds modular housing compounds for workers, but intends to enter the residential modular market. MHProNews has been informed the president of Red Sea, Dr. Majid bin Abdullah Al-Kassabi, has just resigned his position to serve His Highness the Crown Prince.

(Photo credit: Red Sea Housing Services)