Gulf International Services (GIS) – the holding entity for Gulf Drilling International, Gulf Helicopters, Al Koot and Amwaj – has reported a net profit of QR15.8mn on revenue of QR1.26bn in the first half (H1) of this year.The net profit, however, fell from QR160.71mn in H1 2016, due to significant revenue reduction in drilling, catering and insurance segments, despite marginal improvement in the aviation segment performance, a company spokesman said.Highlighting that the group revenue shrank 22% year-on-year, he said the drilling segment 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.The catering segment revenue was impacted by demobilisation of some of its major contracts in the second half of 2016, the spokesman said, adding general downturn in medical and general insurance business and rate reduction affected the risk cover segment. However, the performance of the aviation segment “marginally” improved from previous year, he said.“Initiatives are undertaken by the group companies to assess the impact of the current political crisis. The aviation segment was forced to suspend a contract in one of the blockade countries under force-majeure,” according to the company.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, it said.Cash position remained strong with closing cash of QR1bn across all group companies at the end of June 30, 2017.Total assets were valued at QR10.5bn, comprising current assets of QR2.68bn and non-current assets of QR7.82bn at the end of six month period ended June 30.Total equity stood at QR3.62bn on capital base of QR1.86bn and earnings-per-share was QR0.09 during the review period.
August 01, 2017 | 01:36 AM