DOHA: Gulf International Services (GIS), the largest services group in Qatar, with interests in a broad cross-section of industries, has recorded a revenue of QR2.3bn for the six months ended June 30, 2015, a year-on-year increase of QR699.2m, or 43.8 percent.
GIS’ net profit for the period capped at QR605.4m, a year-on-year increase of 141.7m, or 30.6 percent 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 265.5m. The year-on-year improvement was driven by the ambitious growth plans across all segments, especially in the drilling and catering segments.
The remarkable increase in revenue was driven by growth across all the business segments following group’s 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 second half of 2014, contributing to additional revenue in 2015.
On quarter-on-quarter basis, the group revenue was decreased by QR125.4m, or by 10.4 percent, mainly due to drop in drilling and catering segments revenue.
