GIS first quarter net profit at QR15m
20 Apr 2017 - 0:31
Gulf International Services (GIS)), the largest services group in Qatar, with interests in a broad cross-section of industries, has recorded a revenue of QR617m and a net profit of QR15m for the first quarter of 2017, ended March. Total assets of GIS stood at QR10.7bn at the end of the period.
The first quarter performance was affected by the catering segment which witnessed demobilisation of some of its major contracts during the period; in addition to the downturn in medical and general insurance business, GIS said yesterday.
The drilling segment continues to face difficulties due to reduction on unearned days of rigs in operations, which collectively affected the group’s revenue. However, the aviation segment remained broadly flat with similar level of activities.
GIS’ Earnings per share was QR0.08 as of March 31, 2017. The impact on the profitability was from a significant revenue reduction in catering and insurance segment . Cash position remained strong with closing cash of QR1.2bn across all group companies as at March 31, 2017, after 2016 dividend declaration of QR1 per share equivalent to QR186m.
Continuous cost and operation optimisation measures are underway across the group. These initiatives include identification and short listing of a number of new opportunities, and further rationalisation of the costs together with optimising the utilisation of the operating assets, and the supply chain.