GIS net profit rises 58% to QR463.7m in first half of 2014

Gulf International Services (GIS) gains a record half yearly net profit of QR463.7 Million, up 58% on QR170.6 Million in first half of 2014.
GIS, the largest service group in Qatar, with interests in a broad cross-section of industries, ranging from insurance, re-insurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services, closed the first half (H1) of this year with a record revenue of QR1.59 Billion.
In a press release issued here today, HE the Minister of Energy and Industry, Dr. Mohamed bin Saleh al-Sada, also chairman and managing director of Gulf International Services said, "These record results can be mainly attributed to the ambitious growth plans in all segments, but most notably within the drilling segment where significant progress was made towards completing that segment’s medium-term business expansion strategy."
Al-Sada said, "Gulf International Services continued its excellent progress from the first quarter. I am confident that with the company’s strong fundamentals and exciting and ambitious capital investment plans, the company will continue to grow and meet shareholders’ expectations." Gulf International Services Chief Co-ordinator Ebrahim Al-Mannai, said: "Significant achievements were noted during the second quarter of 2014 in three critical areas increasing GIS’ ownership interest in Gulf Drilling International, business development initiatives and extensions for expiring onshore drilling contracts. With regard to increasing the group’s equity interest in GDI, GIS completed the buy-out of Japan Drilling Company Limited's 30% shareholding in Gulf Drilling International for a total consideration of $157.7 Million, resulting in GDI becoming a 100% subsidiary of GIS with effect from May 1, 2014. The buy-out contributed an additional profit of QR40 Million for two months period that ended in June.