By Mohammad Shoeb
DOHA: Gulf International Services (GIS) yesterday announced its financials for the first half of this year (H1, 16) and reported a net profit of QR160.7m for the period, down by 73 percent compared to QR605.4m for the same period last year (H1, 15).
The GIS, 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, said that the revenues of the group for the period touched QR1.6bn, down 30 percent compared to QR2.3bn for the same period last year.
This reduction in revenues was attributed to ongoing downward rates revision and reduced level of activities across all group segments due to the challenging market conditions following the significant drop in the crude oil prices.
Earnings per share reduced to QR0.86 for the period ended June 30, 2016, compared to QR3.26 in the same period of 2015.
This year-on-year decrease was primarily driven by the challenges witnessed across all the segments due to the reduced level of activities and decline in contract rates.
Providing update on the Group’s cost and operational optimisation programmes, GIS, in a statement said that due to the unfavorable economic condition, the cost optimisation programme became a top priority among all group companies. As planned, the group embarked on a number of initiatives, including further rationalising the costs together with optimising the utilisation of operating assets and the supply chain.
The group continues the initiatives by continuously monitoring its cost structure for further enhancements on cost optimisation.
GIS was incorporated as a Qatari joint stock company on February 12, 2008 with an authorised share capital of QR2bn with the issued share capital consisting of 148.7 million ordinary shares and 1 special share.
Through the group companies, Gulf International Services QSC operates in four distinct segments — insurance and reinsurance, drilling, helicopter transportation and catering services.
Qatar Petroleum, the largest shareholder, provides all of the head office functions for Gulf International Services QSC through a comprehensive service directive. The operations of the subsidiaries remain independently managed by their respective Boards of Directors and senior management teams.
The Peninsula
By Mohammad Shoeb
DOHA: Gulf International Services (GIS) yesterday announced its financials for the first half of this year (H1, 16) and reported a net profit of QR160.7m for the period, down by 73 percent compared to QR605.4m for the same period last year (H1, 15).
The GIS, 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, said that the revenues of the group for the period touched QR1.6bn, down 30 percent compared to QR2.3bn for the same period last year.
This reduction in revenues was attributed to ongoing downward rates revision and reduced level of activities across all group segments due to the challenging market conditions following the significant drop in the crude oil prices.
Earnings per share reduced to QR0.86 for the period ended June 30, 2016, compared to QR3.26 in the same period of 2015.
This year-on-year decrease was primarily driven by the challenges witnessed across all the segments due to the reduced level of activities and decline in contract rates.
Providing update on the Group’s cost and operational optimisation programmes, GIS, in a statement said that due to the unfavorable economic condition, the cost optimisation programme became a top priority among all group companies. As planned, the group embarked on a number of initiatives, including further rationalising the costs together with optimising the utilisation of operating assets and the supply chain.
The group continues the initiatives by continuously monitoring its cost structure for further enhancements on cost optimisation.
GIS was incorporated as a Qatari joint stock company on February 12, 2008 with an authorised share capital of QR2bn with the issued share capital consisting of 148.7 million ordinary shares and 1 special share.
Through the group companies, Gulf International Services QSC operates in four distinct segments — insurance and reinsurance, drilling, helicopter transportation and catering services.
Qatar Petroleum, the largest shareholder, provides all of the head office functions for Gulf International Services QSC through a comprehensive service directive. The operations of the subsidiaries remain independently managed by their respective Boards of Directors and senior management teams.
The Peninsula
