GIS (Gulf International Services) posted a net profit of QR15.8 million for the first half of 2017. The group revenue for the period was QR1.25 billion, which is less than the previous year.
Earnings per share of GIS amounted to QR0.09 and total assets of the company reached QR10.5 billion as at June 30, 2017.
It is one of the largest services group in Qatar, which has interests in different sections of industries like insurance, re-insurance, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
GIS informed that the drilling segment’s revenue was dropped because of lower daily rate of rigs, an asset not in operation and due to the impairment of one of the rigs.
The company’s catering segment revenue was impacted by demobilisation of some of its major contracts in the second half of 2016, GIS said.
The company was affected in the General downturn in medical and general insurance business. However, there was an improvement in the aviation segment from previous year. Meanwhile, the group companies have undertaken initiatives to access the impact of the ongoing crisis.
Aviation segment was forced to suspend a contract in one of the blockade countries under force-majeure, GIS said.
The group companies said that alternatives and new opportunities were being looked into, and further rationalisation of the costs together with optimising the utilisation of the operating assets and the supply chain are underway across the group.
GIS’s cash position remained high with closing cash of QR1 billion across all group companies as of June 30, 2017.