Sheikh Khalid bin Khalifa Al Thani (centre), Chairman of Gulf International Services, with other Board members during the Annual General Meeting at Four Seasons Hotel, yesterday. Pic: Abdul Basit / The Peninsula
Gulf International Services (GIS), one of the most diversified companies in Qatar, is optimistic about it’s revenues and profitability over the next few years as the company is working on its strategy, which includes overseas expansion of its aviation business, and efficiency improvement, said the Chairman of GIS yesterday.
“Our aviation subsidiary, Gulf Helicopters Company, has actively engaged in market development, including overseas expansions. This will help GHC help utilising its fleet (of 49 helicopters) more efficiently and entering new profitable markets,” Chairman of GIS, Sheikh Khalid bin Khalifa Al Thani told shareholders at the company’s Annual General Assembly meeting, yesterday.
The AGM approved all the items on the agenda of the meeting, and appreciated the shareholders support and cooperation. Commenting on the Group’s future plans, he added: “Given that our strategy rollout is in full swing, the future performance of GIS in the medium and long run would be improved.”
With respect to capital expenditure, the GIS group has announced to invest over the next five years with most of them being directed towards improving efficiency and capture available opportunities. “The capital expenditure relating to the potential opportunities will be assessed on a case-to-case basis,” Sheikh Khalid said.
With a modest growth in revenue and marginal savings in the general and administrative costs, the group reported an impressive Ebitda (earnings before interest taxes depreciation and amortization of QR746mn in 2018, indicating its ability to generate significant cash operating profits.
He noted that several opportunities are there in the immediate future, and the company is seeking future business from the expanding hydrocarbons sector within the country.
“These activities will provide significant opportunities for our drilling and aviation subsidiaries, which have already started building capabilities to capture these opportunities,” he said.
Outlining the strategy of Gulf Helicopters (GHC), which has 49 choppers on its fleet, he said it” is actively engaged in market development, including overseas expansion.
Speaking on its insurance subsidiary Al Koot, he said it has regained some of its previously lost clients and it also won several new clients that were not part of its portfolio.
Commenting Drilling International (GDI), the Chairman said it is aggressively focusing on the implementing the previously identified strategies.
“The drilling segment is also exploring opportunities to benefit from new drilling programmes that are planned in the future,” he said. GDI currently has direct ownership of 17 drilling rigs (nine offshore and eight onshore), one jack up accommodation barge and two lift boats.
