GIS reports QR83mn net profit in Q1

GIS reports QR83mn net profit in Q1

Gulf International Services (GIS) – a holding entity of Gulf Drilling International, Gulf Helicopters, Al Koot and Amwaj – has reported a net profit of QR83mn in the first quarter (Q1) of this year, with an earnings-per-share of QR0.045.

The group revenue jumped 18% to QR835mn, mainly on the back of revenue growth from the aviation, drilling and catering segments. The growth in group revenues led to the overall increase in net earnings. On the other hand, the group’s direct costs increased by 7% mainly linked to inclined commercial activity.

Finance cost fell 1% to QR30mn, against a backdrop of lower interest rates. On the contrary, general and administrative expenses increased by 7% mainly on higher professional and consultancy fees paid within the group.

The group’s total assets remained relatively flat at QR10.1bn. Cash and short-term investments were QR837mn.

The drilling segment reported a revenue of QR321mn, up 62% year-on-year, due to new rig day-rates implemented for the offshore fleet since the mid of last year (July 2021).

Also, redeployment of the two onshore suspended rigs (GDI-5 and GDI-7) during the third quarter of 2021, positively contributed to the topline. Moreover, full deployment of Gulfdrill joint venture's fleet during the second quarter of 2021,