By Beatrice Thomas
Gulf International Services says performance mainly boosted by robust growth of drilling subsidiary
Gulf International Services (GIS) has reported a 39 percent surge in net profit to QR188.6m ($51.8m) in the first three months of this year, mainly aided by robust earnings growth from its drilling subsidiary, it was reported.
Total revenue grew by 12 percent to QR616.7m ($169.38m), which the company attributed to its catering division (Amwaj), Gulf Drilling International (GDI), Al Koot and Gulf Helicopters (GHC).
“These record results can be mainly attributed to the ambitious growth plans in all segments, and most notably the group’s drilling joint venture, GDI,” said Dr Mohamed bin Saleh al Sada, Energy and Industry Minister and GIS chairman and managing director, the Gulf Times reported.
GIS chief co-ordinator Ebrahim al Mannai said additional growth was envisaged in GDI during the remainder of 2014 with three assets expected to be placed into operation during the year – two jack-up rigs and an accommodation lift-boat.
GIS is now in the final stages of obtaining an eight-year bilateral loan agreement with local banks to finance the purchase of Japan Drilling Company’s 30 percent stake in GDI.
The Gulf Times reported that GHC earnings increased a modest QR2.2m in net profit improvement to QR56.2m. Aviation revenue was up 3 percent to QR153m, while net profit of Al Koot increased by 11 percent to QR32m.