DOHA: Gulf International Services (GIS), the largest services group in Qatar, with interests in a broad cross-section of industries, has recorded QR1.96bn in revenue for the period ended in September 2018, up by 5 percent from a year ago. The group’s net profit was surged by 78 percent year-on-year to QR39m.
Revenues in the insurance segment improved significantly versus last year primarily due to capturing of new business in the energy / general insurance segment, while the drilling segment reported a slight growth in revenue due to operations of some of the assets which were not contracted in the previous year.
Revenue in the aviation segment was slightly up on last year despite reduction in revenues from Qatar’s aviation operations, which was offset by the increase in the other revenue streams. Revenues in the catering segment was moderately down on last year. Project demobilization, reduced camps occupancy were the main reason for this reduction. The reduction was however somewhat offset by other revenue streams.
The group’s Earnings per share is QR 0.21, compared to QR0.12 last year. The improvement on last year was primarily driven by the continuous efforts of cost reduction across all segments following the implementation of some aggressive cost optimisation and growth initiatives by the group in some selected business segments. The improvement realised in the drilling segment was somewhat offset by lower profit in the aviation segment.
GIS is continuing the execution of some of the opportunities identified by the growth strategy initiatives that was concluded earlier this year.
These opportunities include the recently announced agreement between GDI and Seadrill to utilise synergies in Qatar’s offshore drilling market, continued assessment of the group’s operation to capture potential revenue enhancement and cost improvement opportunities.
