Frequently Asked Questions

Frequently Asked Questions

Please browse our list of the frequently asked questions for answers to common queries. If you cannot find the answer to your question here, kindly use the email contact form.

Gulf International Services Q.S.C. (the “Company”) is a Qatari Shareholding Company incorporated in the State of Qatar under commercial registration number 38200 on February 12, 2008. The principal activity of the Company is to operate as a holding company. The Company was incorporated by Qatar Petroleum (“QP”) as the sole shareholder.

Until February 24, 2008, the equity interests in the portfolio companies Gulf Helicopters Q.S.C. (“GHC”), Gulf Drilling International Q.S.C. (“GDI”) and Al Koot Insurance and Reinsurance Company S.A.Q. (“Al Koot”) were held directly by QP and Japan Drilling Company (“JDC”) (In case of GDI – 30.01% was owned by JDC) and the equity interests of QP were transferred to the Company on February 24, 2008.

The management concluded that the effective date of transfer of interest from QP to the Company was February 12, 2008, being the date on which control as well as joint control, over these portfolio companies, was transferred by QP to the Company.

On May 26, 2008, QP listed 70% of the Company’s issued share capital on Qatar Exchange. An extraordinary general assembly held on November 4, 2012 approved the amendments to the Articles of Association in which it increased the ownership limit of General Retirement and Social Insurance Authority (GRSIA). Subsequently, as per the instructions of the Supreme Council of Economic Affairs, QP divested 20% of its stake in GIS to the GRSIA.

On May 31, 2012, the Group acquired 100% shares of Amwaj Catering Services Limited Q.S.C., a company incorporated in the State of Qatar. The Group has obtained control over the Subsidiary in accordance with the sale and purchase agreement effective from June 1, 2012.

On April 30, 2014, the Group acquired additional 30% of the shares of Gulf Drilling International Limited Q.S.C, a company incorporated in the State of Qatar that resulted to 100% ownership. The Group has obtained control over the company, therefore, the company became a subsidiary of Gulf International Services Q.S.C., in accordance with the sale and purchase agreement, effective from May 1, 2014.

The company was formed to acquire, buy, create, establish, hire, lease, own, manage, sell and/or hold shares, assets and interests in companies (and in their subsidiaries and/or associated undertakings), engaged in the business of the provision of services to the national and/or international oil and gas industry including catering services, offshore and onshore drilling services, helicopter maintenance and transportation services, insurance and reinsurance services (and related advisory services and investment activities in connection therewith), well support services, and in any other company or undertaking which the Company deems beneficial to the business, and/or its development, diversification or expansion from time to time.

Currently, QP owns 10% and General Retirement and Social Insurance Authority (GRSIA) owns 20% of the Company’s issued share capital with the balance issued capital held by domestic and international investors, high net worth individuals and retailers.

The 100% subsidiaries of the Company are as follows:

 

Al Koot Insurance & Reinsurance Company S.A.Q.

 

Engaged in the business of general insurance and reinsurance, medical insurance and long term life and accidental insurance

Amwaj Catering Services Company Ltd. Q.S.C.

Engaged to undertake all types of catering and related services

Gulf Helicopters Company Q.S.C.

Engaged in the provision of helicopter services

Gulf Drilling International Limited Q.S.C.

Engaged in the provision of drilling related services to oil and gas companies

Please refer the “Board of Directors” section for further details

The group is constantly engaged in tendering various proposals in Qatar and within GCC countries. All future expansion plans will be communicated as required to the stakeholders.

The Board of Directors remains open to all strategic growth options.

Total headcount within the group is around 10,000 employees and all companies within the group have targets and goals to increase the number of nationals.

There are no such plans at this stage.

GIS shall keep sufficient cash for its operational/working capital requirements before dividend distribution. GIS will set aside 2.5% of net profits for the Social Fund Contribution. GIS shall satisfy the financial covenant requirement(s) of lender(s), if any. Adequate cash or financing (debt or equity) will be preserved for capital expenditure/investment plans that would result in positive net present value.

With regards to CAPEX investments over the next five years (2017-2021), the group will continue to focus on optimizing costs through the entire value chain, and improving the efficiency of the operating asset base. As such, there are no major CAPEX planned during these years. Should any major CAPEX plan arise and requiring disclosure, we will appropriately post in on the website and inform Qatar Exchange accordingly.

It should, however be noted that, If profitable investment opportunities are made available to the group within the planning horizon, these opportunities will be considered based on their merits. With the phasing of CAPEX over the next five years, group’s free cash flows and other financial metrics are to improve significantly, assuring greater liquidity and financial strength which will enable the group to have a very flexible financial strategy.

GIS’s shares are traded in Qatar Exchange (www.qe.com.qa). In order to transact in GIS’s share, you will have to register with a broker who is registered with Qatar Exchange. The broker will place orders on-behalf of you, and the settlement will be made through the exchange. The broker will charge a commission for their services.

There are number of sources which can be utilized to monitor the performance of your portfolio. These include Qatar Exchange website, android / apple applications for Qatar Exchange and other tailor-made software developed by the brokerage houses.

Please refer to the link below for further details: https://www.qe.com.qa/become-an-investor

GIS has embarked on a number of initiatives to improve both financial and operational performance through optimizing costs and operations. These initiatives include detailed assessments of the group’s operational assets and the cost base with an objective of improving operational and cost efficiencies while ensuring Health, Safety and Environment are maintained to their highest levels. These initiatives once completed will add new synergies and opportunities within operations, administration, information technology and other functions of the group, and ultimately result in value addition to the shareholders.

The details ruling on Zakat related to share ownership can be found in the Zakat fund (www.zakat.gov.qa)

The details ruling on Zakat related to share ownership can be found in the Zakat fund (www.zakat.gov.qa)

Financial results could be found in financial report section of the website.

Please refer to the “financial performance” section

The annual reports could be found in financial report section of the website.

Please refer to the “publications” section

The Annual General Assembly Meeting is usually held during the first quarter of the following year. Dates are usually announced in the newspapers.

There are no taxes on profits.

Decision regarding the distribution of dividends are made by the Board of Directors. In most cases, dividend distribution comes in the form of cash.

The details of the profits earned in the past years can be found in the financial performance section of the website.

Please refer to the “financial performance” section

Floor no. 42,

Qatar Petroleum Headquarters,

World Trade Center, West Bay, Doha,

State of Qatar.

Email: gis@qp.com.qa

Tel.: (+974) 4013-2080

Fax: (+974) 4013-9750

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