Gulf International Services (GIS) – a holding company for Gulf Drilling International, Gulf Helicopters, Al Koot and Amwaj – has reported a net profit of QR605.41mn on total revenue of QR2.29bn in the first six months of this year.
Gulf Drilling International has recorded a net profit of QR381.26mn on revenue of QR1.07bn; Gulf Helicopters QR108.66mn on QR327.05mn; Amwaj QR73.8mn on QR583.46mn and Al Koot QR66.56mn on QR335.16mn in the first half of this year, according to its financial statement filed with the Qatar Stock Exchange.
The overall consolidated net profitability is, however, 17% lower year-on-year (y-o-y), mainly on shrinkage in earnings from the aviation sector.
The company however said there has been a y-o-y increase of QR141.7mn, or 30.6%, excluding the reclassification; driven by the ambitious growth plans across all segments, especially in the drilling and catering segments.
“Comparative figures in the financial statements for the half year ended June 30, 2015 have been reclassified to include a net gain from business combination amounting to QR265.5mn,” the spokesman said.
Consolidated revenue expanded 43% y-o-y to QR2.29bn but direct costs rose slower at 28% to QR1.57bn; resulting in almost doubled gross profit to QR727.79mn.
Against the last quarter, the group revenue decreased by QR125.4mn or 10.4% mainly due to drop in drilling and catering segments revenue.
“The remarkable increase in revenue was driven by growth across all the business segments following group’s aggressive business strategy within the last few years especially in the drilling segment where two jack up rigs and one lift boat were added in the 2nd half of 2014 contributing to the additional revenue in 2015,” a GIS spokesman said. Finance income grew 10% to QR9.84mn; even as net gain on financial assets at fair value through profit fell 24% to QR10.31mn and other income 59% to QR27.72mn.
Finance costs, however, almost tripled to QR39.88mn and there was a 56% jump in general and administrative expenses to QR130.38mn.
Total assets were valued at QR10.9bn, comprising current assets of QR3.08bn and non-current assets of QR7.82bn.
Total equity stood at QR3.76bn on a capital base of QR1.86bn and earnings-per-share was QR3.26 at the end of June 30, 2015.
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