GIS reports QR1.4bn revenue in H1
August 05 2021 11:14 PM
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Oil and gas industry continue to show positive signs of recovery with constructive macroeconomic dri
Oil and gas industry continue to show positive signs of recovery with constructive macroeconomic drivers, on the back of effective vaccination campaigns leading to ease of lockdown restrictions in major markets linking to heightened economic activity, GIS said.

SP, Doha

Gulf International Services (GIS) – a holding entity of Gulf Drilling International, Gulf Helicopters, Al Koot and Amwaj, has reported revenues of QR1.4bn in the first six months of this year.
Oil and gas industry continue to show positive signs of recovery with constructive macroeconomic drivers, on the back of effective vaccination campaigns leading to ease of lockdown restrictions in major markets linking to heightened economic activity, GIS said.
The group earnings before interest, taxes, depreciation and amortisation was QR245mn, while it posted a net loss of QR0.8mn for the six-month period ended June 30, 2021.
Finance cost fell 34% year-on-year to QR65mn, owing to drop in the interest rates. Similarly, general and administrative expenses were down 10% on account of continued optimisation drive.
Moreover, strategic investments repositioning in both equities and fixed income asset classes coupled with recovery in capital markets resulted in a recovery of QR44mn on account of unrealised gains on revaluation of investment securities in H1, 2021.
The group’s total assets grew 5% to QR10.5bn at the end of June 30, 2021. On the liquidity front, the closing cash, including short-term investments, stood at QR718mn.
Total debt at group level stood at QR4.5bn at the end of H1, 2021. Stressing that current levels of debt continue to impact its bottom line; GIS said continued efforts are underway to achieve a sustainable funding strategy, which could lead to an optimum funding levels, with an efficient and effective interest cover for the group.
The drilling segment reported revenue of QR440mn, down 16% on yearly basis, due to the ongoing rig suspension within the onshore fleet. Besides, rig day-rates continued to remain depressed since July 2020.
This was partially offset by the deployment of three additional rigs as part of the Gulfdrill joint venture’s fleet during the second quarter of 2021, on account of rig management fee reported as part of segmental revenue.
The segment reported a net loss of QR132mn against net loss of QR44mn in H1, 2020.
The aviation segment reported total revenue of QR338mn in H1, 2021, down by 1% year-on-year. This reduction in revenue was mainly on lower revenue from international business.
The segment net profit, reached QR111mn, representing 18% year-on-year jump, mainly supported by realised savings in operating costs, due to lower repair and maintenance costs.
The revenue within the insurance segment grew 2% year-on-year to QR481mn, mainly on higher premiums from the general insurance.
The net profit more than doubled to QR33mn, supported by "significant" improvement in premiums, in addition to strong recovery within the investment portfolio on the back of recovery in capital markets.
The catering segment reported revenue of QR172mn, with a yearly decline of 24%. This was mainly as a result of lowered number of meals served across majority of catering locations, due to the Covid-19 restrictions.
The segment reported a net loss of QR9mn compared to a net profit of QR5mn in H1, 2020, mainly due to lowered margins and declining revenues.
 
 



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