GIS earns revenue of QR1.9bn by end-September

Gulf International Services (GIS) has posted a net profit of QR22mn at the end of the third quarter in September, the company said yesterday. 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, earned a revenue of QR1.9bn in the period that ended in September. The group revenue, however, was 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 resulting in lower revenue in these segments compared to previous year. Initiatives are underway by the catering and insurance segments to excel in their performance. Earnings per share was QR0.12 as of September 30. 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 said it “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 QR1.1bn across all group companies as on September 30.GIS was incorporated as a Qatari joint stock company in February 2008 by Resolution Number 42 of 2008 of the State of Qatar’s Ministry of Economy and Commerce, pursuant to its Memorandum and Articles of Association and Law Number 5 of 2002 concerning Commercial Companies. The authorised share capital is QR2bn with the issued share capital consisting of 148.7mn ordinary shares and 1 special share.Through the group companies, GIS operates in four distinct segments – insurance and reinsurance, drilling, helicopter transportation and catering services.