GulfBase Live Support
01/08/2017 05:55 AST
Gulf International Services (GIS) has reported a total revenue of about QR1.25bn for the first half (H1) of the current financial year ended June 30, 2017, down by 22 percent compared to the corresponding period last year.
The Group’s net profit for the period (H1, 2017) closed at QR15.8m. Earnings per share was QR0.09 as of June 30, 2017.
GIS is the largest services group in Qatar with interests in a broad cross-section of industries, ranging from insurance, re-insurance, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
The impact on the profitability was due to significant revenue reduction in drilling, catering and insurance segments, despite marginal improvement in the aviation segment performance.
Cash position remained strong with closing cash of QR1bn across all group companies as at June 30, 2017.
The GIS, in a statement said that the drilling segment of the group continues to face challenges and the revenue of the segment declined due to lower daily rate of rigs, an asset not in operation and due to the impairment of one of the rigs.
Catering segment revenue is impacted by demobilisation of some of its major contracts in the second half of 2016. General downturn in medical and general insurance business and rate reduction affected the insurance segment. However, the performance of the aviation segment marginally improved from previous year.
Initiatives are undertaken by the group companies to assess the impact of the current political crisis. Aviation segment was forced to suspend a contract in one of the blockading countries under force-majeure. The group companies are also assessing number of alternatives and new opportunities, and further rationalisation of the costs together with optimising the utilisation of the operating assets and the supply chain are underway across the group.
The Peninsula
06/03/2018
Gulf International Services (GIS) has announced plans to make a huge capital expenditure in the coming years. The company, which is the largest services group in Qatar, will be investing QR1.5bn over
The Peninsula
08/02/2018
Gulf International Services (GIS), the largest services group in Qatar, has reported a net profit of QR85m for last financial year ended December 31, 2017, up by 27 percent compared to previous year.
The Peninsula
03/08/2016
Qatar's Gulf International Services reported a 67.2 percent fall in second-quarter net profit on Tuesday, according to Reuters calculations.
The firm, with interests in insurance, aviation
Trade Arabia
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
05/04/2018
SABIC announced the successful completion of the pilot operation of the Methyl Methacrylate Monomer (MMA) and Poly Methyl Methacrylate (PMMA) plants and the commencement of commercial operations.
Saudi Gazette
05/04/2018
Standard & Poor’s (S&P) has affirmed QIB’s Issuer Credit Rating at A-, Qatar’s leading Islamic bank has said in a release. According to S&P, the major contributing factors strengthening QIB’s rating
Gulf Times
05/04/2018
Qatar National Bank (QNB) aims to increase its profit by 5-8 percent this year and loans and investments by 10-12 percent, helped by expansion into faster-growing Southeast Asia markets, its CEO told
The Peninsula
04/04/2018
Doha Bank has announced the official inauguration of its Chennai Branch, in the southern Indian state, will be held today. This is Doha Bank’s third city in India after its successful establishment o
The Peninsula
04/04/2018
Bank of Sharjah said it has engaged SHUAA Capital International as liquidity providers for its shares and will commence the activity from April 4. SHUAA Capital International shall not hold more than
Gulf News