(MENAFN- The Peninsula) The Peninsula
Gulf International Services (GIS), the largest services group in Qatar, has reported a net profit of QR22m for the period ended September 30, 2017.
GIS has interests in a broad cross-section of industries, ranging from insurance, re-insurance, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
The Group's revenue for the period ended September 30, 2017 was QR1.9bn, down by 19 percent on previous year. While the aviation and drilling segments maintained fairly the same revenue as previous year, the catering and insurance segments faced challenges due to the fierce competition in these industries resulting in lower revenue in these segments as compared to previous year.
Initiatives are underway by the catering and insurance segments to excel in their performance.
Earnings per share was QR0.12 (12 dirhams) as of September 30, 2017. Reduction compared to the same period of last year was primarily due to decrease in revenue, increase in financing costs, and impairment of a rig.
GIS is in its final stages of implementing a number of initiatives across the group, which will have its benefits on the cost structure.
The group is also in the process of executing several initiatives that would enhance the overall operational and financial performance of the group.
The Group's liquidity position remained strong with closing cash of QR1.1bn across all companies as of September 30, 2017.
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