Gulf International Services (GIS) has posted a net profit of QR822.3mn in nine months of this year, up 5.2% on the same period last year.
The incremental net profit was driven by the additional contribution from drilling segment, said GIS, which is the largest services group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, reinsurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
GIS earned a revenue of QR3.3bn in September, up 6.7% (QR205.9mn) on the same period last year.
The increase in revenue was aided by the ‘drilling segment’ with full year contributions to revenue from two jack-up rigs and one lift boat, which have been in operation so far entirely in 2015 but only partly in 2014.
In comparison to the last quarter, the group revenue decreased by QR0.1bn or by 10.2%, mainly due to a drop in drilling and catering segments revenue.
The net profit for the nine month period shows a year-on-year increase of QR40.9mn (up 5.2%) but excluding reclassification, where comparative figures in the financial statements for the nine months period ended September 30 have been reclassified to include a net gain from business combination relating to GDI acquisition amounting to QR259.5mn.
Gulf International Services was incorporated as a Qatari shareholding company in February 2008, by Qatar Petroleum (QP), a wholly-owned Qatari government company.
Currently, GIS acts as a holding company, which owns and controls stakes in the following companies:
100% ownership of Al Koot Insurance and Reinsurance Company; 100% ownership of Gulf Drilling International Limited (GDI); 100% ownership of Gulf Helicopters Company (GHC); and 100% ownership of Amwaj Catering Services Limited (Amwaj).