Gulf International Services (“GIS” or “the group”; QE: GISS), 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, announced its financial results for the period ended September 30, 2017, with a revenue of QR 1.9 billion and a net profit of QR 22 million.
Group revenue for the period ended September 30, 2017 was QR 1.9 billion, down by 19% 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 underway by the catering and insurance segments to excel in their performance.
Group net profit for the period ended September 30, 2017 closed at QR 22 million. Earnings per share was QR 0.12 as of September 30, 2017. 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 QR 1.1 billion across all group companies as at September 30, 2017.