GIS reports net profit of QR168m for first half – The Peninsula

GIS reports net profit of QR168m for first half – The Peninsula

Doha: Gulf International Services (GIS or the Group), yesterday reported a net profit of QR168m for the six-month period ended 30 June 2022, with an earnings per share of QR0.0903.

Group’s revenue for the six-month period ended 30 June 2022 amounted to QR1.7bn, with an increase of 21 percent compared to the same period of last year. Revenue growth from the aviation, drilling and catering segments led to an overall increase in the Group revenue. This was partially offset by a negative growth noted in revenue from the insurance segment.

The Group reported an EBITDA of QR398m and recorded a net profit of QR168m for the six-month period ended 30 June 2022. Growth in Group revenues led to an overall increase in net earnings. On the other hand, the Group’s direct costs increased by 7 percent, mainly linked to increased commercial activity.

Group’s finance cost in first half increased by 7 percent to reach QR70m, against a backdrop of higher interest rates. General and administrative expenses also increased by 3 percent mainly attributable to the insurance segment. Foreign currency revaluation losses from GHC’s Turkish subsidiary also contributed negatively to the Group’s profitability.

Moreover, performance of the insurance segment investment portfolio was negatively impacted amid