QATAR: Gulf International Services has reported a healthy 45% growth in net profit …

Gulf International Services (GIS) – a holding company that has interests in aviation, drilling, insurance and catering – has reported a healthy 45% growth in net profit to QR297.49mn in the first half of this year.

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Gulf Helicopter (GHC) and Gulf Drilling International (GDI) largely contributed to GIS’ net profit, according to its financial statement. GHC reported a net profit of QR125.82mn, followed by GDI (QR92.11mn), Al Koot (QR51.69mn) and Amwaj (QR35.85mn).

“All segments contributed to this extremely positive year-on-year growth…The performance during the first half of this year was a success largely attributable to the ambitious growth plans of each segment,” according to Ebrahim al-Mannai, chief coordinator, GIS. GDI’s profit was also aided by the commencement of operations of Al Jassra during the second quarter of 2013, and was despite Al Wajba’s 104 days of routine maintenance. GIS’ total revenue grew 90% to QR1.12bn while its direct costs also jumped by a similar proportion to QR0.89bn; thereby leading to an 87% jump in gross profit to QR226.72mn.

Revenue recorded in the first half of 2013 was the highest since the group’s incorporation in 2008, and was fuelled by growth across all segments, a GIS spokesman said. Net revenue from GHC was QR252.64mn, GDI (QR298.45mn), Al Koot (QR283.94mn) and Amwaj (QR60.91mn). Al Koot’s primary drivers for the year-on-year performance were growth in sums insured and premium inflation in the core energy business and the ongoing success of the medical line’s market expansion plan which saw a number of new businesses join the Al Koot Global Care Medical Insurance Scheme.

Its share of profit from investments in joint ventures had grown 21% to QR91.31mn; whereas finance income fell 15% to QR10.62mn and other income by 8% to QR16.11mn. General and administrative costs were up 66% to QR42.15mn, while finance costs fell 7% to QR8.31mn. Moreover, there were net losses of QR1.22mn on financial assets at fair value. Total assets were valued at QR5.30bn, comprising current assets of QR2.63bn and non-current assets of QR2.67bn.

Total equity stood at QR2.71bn on a capital base of QR1.49bn and earnings-per-share was QR1.97 at the end of June 30, 2013.

Reported by: The Peninsula, Gulf Times, Reuters, Bloomberg, Qatar Tribute, Caye Global News, BBC News

 

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