Gulf International Services (GIS) – a holding entity of Gulf Drilling International, Gulf Helicopters, Al Koot and Amwaj – has reported a net profit of QR83mn in the first quarter (Q1) of this year, with an earnings-per-share of QR0.045.
The group revenue jumped 18% to QR835mn, mainly on the back of revenue growth from the aviation, drilling and catering segments. The growth in group revenues led to the overall increase in net earnings. On the other hand, the group’s direct costs increased by 7% mainly linked to inclined commercial activity.
Finance cost fell 1% to QR30mn, against a backdrop of lower interest rates. On the contrary, general and administrative expenses increased by 7% mainly on higher professional and consultancy fees paid within the group.
The group’s total assets remained relatively flat at QR10.1bn. Cash and short-term investments were QR837mn.
The drilling segment reported a revenue of QR321mn, up 62% year-on-year, due to new rig day-rates implemented for the offshore fleet since the mid of last year (July 2021).
Also, redeployment of the two onshore suspended rigs (GDI-5 and GDI-7) during the third quarter of 2021, positively contributed to the topline. Moreover, full deployment of Gulfdrill joint venture's fleet during the second quarter of 2021, had a positive impact on segment revenue for Q1, 2022 on comparatively higher management fees.
The segment reported a net loss of QR10mn against a net loss of QR72mn for Q1, 2021. Reduction in losses was mainly attributed to growth in segmental revenue.
The aviation segment's total revenue expanded 25% to QR206mn on higher flying activity within both domestic and international operations, coupled with growth in revenue across global operations, mainly from the Turkish subsidiary. Also, continuous growth within MRO (maintenance, repair and overhaul) business segment contributed positively to the segment topline. The segmental net profit was QR79mn, representing a 59% yearly increase, mainly on higher revenue.
Revenue within the insurance segment decreased by 24% to QR195mn as there was loss of two insurance contracts within medical line of business.
This decline was partially offset by growth in premiums from the general insurance line of business, on account of new contracts and renewals of existing contracts.
Nevertheless, the segmental net earnings increased by 22% to QR19mn, mainly supported by a robust performance within the segment investment portfolio on the back of surge in capital markets, it said, highlighting 207% surge in investment portfolio.
The catering segment's revenues grew 31% to QR113mn, mainly on growth in revenue within the manpower segment, on realisations from a new contract won during last year.
Additionally, certain contracts have been renewed within manpower segment, with broader scope improving overall service volumes for the segment.
The segment reported a net profit of QR100,000 compared to a net loss of QR0.5mn the previous year period.
Finance cost fell 1% to QR30mn, against a backdrop of lower interest rates. On the contrary, general and administrative expenses increased by 7% mainly on higher professional and consultancy fees paid within the group.
The group’s total assets remained relatively flat at QR10.1bn. Cash and short-term investments were QR837mn.
The drilling segment reported a revenue of QR321mn, up 62% year-on-year, due to new rig day-rates implemented for the offshore fleet since the mid of last year (July 2021).
Also, redeployment of the two onshore suspended rigs (GDI-5 and GDI-7) during the third quarter of 2021, positively contributed to the topline. Moreover, full deployment of Gulfdrill joint venture's fleet during the second quarter of 2021, had a positive impact on segment revenue for Q1, 2022 on comparatively higher management fees.
The segment reported a net loss of QR10mn against a net loss of QR72mn for Q1, 2021. Reduction in losses was mainly attributed to growth in segmental revenue.
The aviation segment's total revenue expanded 25% to QR206mn on higher flying activity within both domestic and international operations, coupled with growth in revenue across global operations, mainly from the Turkish subsidiary. Also, continuous growth within MRO (maintenance, repair and overhaul) business segment contributed positively to the segment topline. The segmental net profit was QR79mn, representing a 59% yearly increase, mainly on higher revenue.
Revenue within the insurance segment decreased by 24% to QR195mn as there was loss of two insurance contracts within medical line of business.
This decline was partially offset by growth in premiums from the general insurance line of business, on account of new contracts and renewals of existing contracts.
Nevertheless, the segmental net earnings increased by 22% to QR19mn, mainly supported by a robust performance within the segment investment portfolio on the back of surge in capital markets, it said, highlighting 207% surge in investment portfolio.
The catering segment's revenues grew 31% to QR113mn, mainly on growth in revenue within the manpower segment, on realisations from a new contract won during last year.
Additionally, certain contracts have been renewed within manpower segment, with broader scope improving overall service volumes for the segment.
The segment reported a net profit of QR100,000 compared to a net loss of QR0.5mn the previous year period.