Red Sea Housing secures another deal in Guinea

RED Sea Housing Services Co. has signed a contract with Compagnie Des Bauxites De Guinee Company (CBG), the largest single producer of bauxite (aluminum ore) in the world, to construct integrated accommodation facilities in Guinea, West Africa. This is Red Sea Housing Services’ third contract win with CBG this year, with the three phases of the project valued at SR 58 million ($15.5 million). This project marks the third phase in the construction of workers’ accommodation facilities in the region. The facilities offer the full suite of amenities, including housing, kitchen and diners, indoor and outdoor recreation, utilities, police/security station, a clinic and other miscellaneous outlets. Don Sumner, Acting Chief Executive Officer of Red Sea Housing, said on the project: “We are continuing to strengthen our operations in Africa, in line with Red Sea Housing’s growth strategy. This project has already been an important revenue driver for Red Sea Housing and will positively impact our business performance for this year.” He added: “Red Sea Housing is on track to deliver high quality accommodation and related infrastructure for CBG employees, with our unique technology that allows for rapid turnaround time of large-scale projects anywhere in the world.” Last month, Red Sea Housing Services released its interim financial results for Q1 2016, recording SR32.08 million net profit (+18.4% YoY), the highest quarterly income figure since Q3 2014.