GIS Declares Half Year Net Profit of QR 605.4 Million

Doha, August 04 (QNA) - Gulf International Services (GIS) announced its financial results for the six months ended June 30, 2015 with a revenue of QR 2.3 billion and a net profit of QR 605.4 million. A GIS press release said net profit for the period ended June 30, 2015 closed at QR 605.4 million, a year-on-year increase of QR 141.7 million, or 30.6% excluding the reclassification. Comparative figures in the financial statements for the half year ended June 30, 2015 have been reclassified to include a net gain from business combination amounting to QR 265.5 million. The year-on-year improvement was driven by the ambitious growth plans across all segments, especially in the Drilling and Catering segments. Group revenue for the six months ended June 30, 2015 was QR 2.3 billion. This equates to a year-on-year increase of QR 699.2 million, or 43.8%. The remarkable increase in revenue was driven by growth across all the business segments following groups aggressive business strategy within the last few years especially in the drilling segment where two Jack up rigs and one Liftboat were added in the 2nd half of 2014 contributing to additional revenue in 2015. Versus the last quarter, the group revenue decreased by QR 125.4 million or by 10.4% mainly due to drop in drilling and catering segments revenue. (QNA)