DOHA: Gulf International Services (GIS), the largest service group in Qatar with interests in a broad cross-section of industries, recorded revenue of QR1.7bn and net profit of QR0.5bn for the nine months ended September 30, 2013.
The recorded revenue represents a significant increase of QR662.2m, or 64.0 percent over the same period last year. The revenue was mostly contributed by the catering segment, followed by the aviation segment.
In a statement to the Qatar Exchange, Minister of Energy and Industry, Chairman and Managing Director of Gulf International Services H E Dr Mohammed Bin Saleh Al Sada, said: “The group closed the third quarter with year-to-date revenue of QR1.7bn — an increase of 64 percent on the prior year, and net profit of QR0.5bn — the highest third quarter year-to-date results since inception and a 44.3 percent year-on-year increase. This positive growth was due to the ambitious growth plans in all segments, and the acquisition last year of Amwaj Catering Services Limited.”
Providing details on the most notable developments of the third quarter of 2013, Ebrahim Al Mannai, Chief Coordinator, Gulf International Services, said: “As part of the insurance segment’s growth plan, Al Koot (insurance segment) is actively seeking new opportunities in the market, especially in the medical insurance line. As per the business plan, the medical line of business is expected to contribute over 45 percent to segmental revenue by 2017.
In the aviation segment, the five-year business plan expects to add 10 new helicopters to the fleet by the end of 2017 to reach a total of 51 helicopters. During the year, Gulf Helicopters Company added two new helicopters and wrote off one helicopter, reaching a total of 43 helicopters.
Al-Mannai commented on the achievements during the quarter for the aviation subsidiary, “It is with pleasure that we previously announced that the AW-139 intermediate twin engine helicopter fleet operated by Gulf Helicopters Company achieved the milestone of 40,000 flying hours.
Commenting on the group’s net profit Al-Mannai said, “Net profit for the year was QR 459.2m, a significant year-on-year increase of QR140.9m, or 44.3 percent. The year-on-year improvement was driven by the ambitious growth plans across all segments.
Profit in the insurance segment increased by QR16.3m, or 26.7 percent, largely in line with the growth in revenue. Aviation segment earnings increased compared to the nine months ended 2012 by QR47.9m to reach QR187.5m.
This year-on-year performance was also aided by strong revenue growth as the segment maintained margins throughout the year on broadly flat operating costs.
Additionally, the segment reported a positive variance of QR82.2m, or 78.0 percent, versus the budget, mainly due to an increase in operations and improved cost efficiency.
The favourable year-on-year positive net profit variance in the drilling segment of QR43.5m, or 36.5 percent, was driven primarily by the to strong performance from offshore operations in 2013.
Net profit in the Catering segment was QR49.2m, up by QR35.9m, and was ahead of budget by QR11.9m, or 31.8 percent.