Qatar- Gulf International Services revenue at QR775m

4/26/2016 1:27:30 PM

(MENAFN- The Peninsula) DOHA: Gulf International Services (GIS) the largest services group in Qatar with interests in a broad cross-section of industries recorded a revenue of QR775m for the first quarter of 2016 (Q1 16) down from QR1.2bn recorded during the same period last year. The reduction was driven by a combination of factors including softening of rates and reduced level of activities across all group segments due to the current market conditions and the challenges faced with the plunge in global oil prices GIS stated.

Net profit for the period ended March 31 2016 was QR 78.9m with earnings per share of QR 0.42 compared to the profit of QR 355.7m and earnings per share of QR 1.91 in Q1 2015. This year-on-year decrease was primarily driven by reduced revenues across all segments following the softening of rates and reduced level of activities.

Recognizing the surrounding difficult trading conditions the group has already embarked on several measures to improve its profitability including further rationalizing the costs together with optimizing the utilisation of operating assets and the supply chain.

“We believe that these measures will help the group overcome the current difficulties encountered and to move forward when the trading conditions recover” GIS said.

GIS was incorporated as a Qatari joint stock company on February 12 2008 by Resolution Number 42 of 2008 of the State of Qatar’s Ministry of Economy and Commerce. The authorised share capital is QR 2bn with the issued share capital consisting of 185.8 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. The operations of the subsidiaries remain independently managed by their respective Boards of Directors and senior management teams.

The Peninsula

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