Posted on October 28, 2017

Gulf International Services (GIS), the largest services group in Qatar, with interests in a cross-section of industries, ranging from insurance, re-insurance to onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services, announced its financial results for the period ended September 30, 2017, with a revenue of QR1.9 billion and a net profit of QR22 million.

The group revenue for the period ended September 30, 2017 was QR1.9 billion, down by 19 percent on previous year. While the aviation and drilling segments maintained fairly the same revenue as previous year, the catering and insurance segments faced challenges due to the fierce competition in these industries resulting in lower revenue in these segments as compared to previous year. Initiatives are being taken by the catering and insurance segments to enhance their performance.

The group net profit for the period ended September 30, 2017 was QR22 million, while earnings per share was QR 0.12 as of September 30, 2017. The reduction compared to the same period of last year was primarily due to decrease in revenue, increase in financing costs, and impairment of a rig. GIS is in its final stages of implementing a number of initiatives across the group, which will have its benefits on the cost structure. The group is also in the process of executing several initiatives that would enhance the overall operational and financial performance of the group.

Cash position remained strong with closing cash of QR1.1 billion across all group companies as at September 30, 2017.

source: Qatar Tribune