Gulf International Services (GIS), the largest services group in Qatar, has announced its financial results for the period ended Dec. 31, 2014 with revenue of QR 3.9 billion and net profit of QR 1.4 billion.
The profit represents a significant increase of QR 1.6 billion, or 69.7 percent, over the same period last year, the company said in a press release issued Monday.
The group’s share in revenue from Gulf Drilling International Company in 2014 was QR 1.8 billion, a significant increase over 2013 of QR 0.9 billion, or 100.0 percent. This performance was driven largely by the offshore sector, which contributed over 80 percent of total revenue, with the deployment of Al-Jassra and Leshat offshore rigs in the second and fourth quarters of 2013 respectively, Msheireb and Dukhan offshore rigs in the second and fourth quarters of 2014 respectively, and a new accommodation lift-boat, Rumailah, in the third quarter of 2014. The group also benefitted, in the third quarter of 2014, from favorable contract extensions for the onshore drilling rigs.
Aviation segmental revenue for the twelve months increased by a moderate QR 25.7 million, or 4.2 percent, to total QR 644.2 million.
The group’s insurance subsidiary registered gross insurance revenue for the financial year ended December 31, 2014 of QR 735.5 million, a QR 28.5 million, or 4.0 percent, improvement on the same period of 2013. The main contributor to this growth was the medical line of business which reported a year-on-year increase of 17.6 percent and now constitutes approximately 42 percent of Al Koot’s annual revenue. Results in the core energy line shrunk by a minimal 3.5 percent in line with a softening of global insurance rates.
Amwaj Catering Services Limited contributed QR 1.1 billion to group revenue, and now represents the second largest revenue segment. Compared to last year, the company grew by QR 118.6 million, or 12.1 percent, due to the expansion of core industrial catering, and camp management services. The group’s net profit for the year closed at QR 1.4 billion, a significant year-on-year increase of QR 0.7 billion, or 108.3 percent. This year-on-year improvement, the press release noted, was driven by the ambitious growth plans across all segments, especially in the drilling segment, and a gross one-off non-cash accounting adjustment for QR 0.3 billion.
Source : Qatar News Agency
