GIS Declares Record Annual Results

  • Revenue of QR 2.3 billion - up 47% versus 2012
  • Net profit of QR 0.7 billion - an increase of almost 46% compared to 2012
  • Best results on record
  • Strong performance due to impressive growth in all segments
  • Latest offshore rig, Les hat, commenced operations in December 2013
  • GIS market capitalisation hits record high, exceeding QR 10 billion
  • Annual dividend of QR 2.00 per share, 25% bonus share proposed

DOHA, QATAR - 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, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services, announced its financial results for the period ended December 31, 2013 with revenue of QR 2.3 billion and net profit of QR 0.7 billion.

In a statement to the Qatar Exchange, H.E. Dr. Mohammed Bin Saleh Al-Sada, Minister of Energy and Industry, Chairman and Managing Director of Gulf International Services, stated, “The GIS group exceeded expectations in 2013 and closed the year with record results.  Revenue closed at QR 2.3 billion - an increase of 47.1% on the prior year, and net profit booked was QR 0.7 billion - an increase of 45.8% on 2012.  These are the highest year-end results since inception and a remarkable achievement in the group’s short history.  This positive growth reiterates our historical commitment to the goal of maximising shareholders’ wealth.  These strong results were aided by the ambitious growth plans in all segments, and the acquisition last year of Amwaj Catering Services Limited.”

2013 Developments

Drilling Segment

Mr. Ebrahim Al-Mannai, Chief Coordinator, Gulf International Services, elaborated on the group’s achievements of 2013, stating, “This has been a busy year for Gulf Drilling International, as two, new, high specification, premium offshore rigs were deployed: the first, Al-Jassra, joined the fleet in May 2013, with the second, Les hat, starting operations in December 2013.  GDI also confirmed during the year that it had entered into a definitive agreement for the purchase of a standard jack-up drilling unit subsequently named Msheirebthat, after undergoing refurbishment and upgrade, is expected to commence drilling operations in the second quarter of 2014.  GDI signed a five year contract with a major oil company operating in Qatar for the utilisation of this rig.  GDI’s ninth offshore rig, Dukhan, is the company’s third, new, high specification, premium rig ordered in the last two years, and is expected to arrive in Qatar in the fourth quarter of 2014.”

During the last quarter, GIS also confirmed that it had entered into discussions with the foreign partner in its joint venture, Gulf Drilling International, regarding the acquisition of its 30% stake in the capital of GDI in order for GDI to become a wholly owned subsidiary of Gulf International Services.

Aviation Segment

“This year was an exciting year for the Aviation segment, with Gulf Helicopters Company signing a firm order with AgustaWestland for 15 AW-189s,” continued Mr. Al-Mannai.  “The segment also benefitted by its AW-139 intermediate twin-engine helicopter fleet reaching the historic milestone of recording 47,000 flying hours, and Gulf Helicopters Company entering into a joint venture with Quality Aviation Instruments for component repair facilities to be located in Doha, Qatar.  The repair shops are expected to begin operations by the end of the first half of 2014, and will add value to GHC’s business by diversifying its range of services.”