DOHA: The listed holding company for Gulf Helicopters Company (GHC), Al Koot Insurance and Gulf Drilling International (GDI), Gulf International Services' (GIS) net profit surged 90.8 percent to QR284m in the first half (H1) of this year.
Announcing the consolidated results here yesterday Mohammed Sherif Al Sherawi, GIS Chief Coordinator attributed these excellent results despite the global economic downturn to increase in revenues from sales that reached QR770m in H1 2009 showing a 77 percent growth compared to the corresponding period last year.
The share of drilling in the consolidated net profit soared 52 percent to QR148m, that of aviation jumped 30 percent to QR85m and that of insurance grew by 19 percent to QR54m.
The share of drilling in the total revenue of the company surged 45 percent to QR344m, and that of insurance increased by 29 percent to QR228m, while the share of aviation in the company's revenue grew 26 percent to QR198m.
Overall, total revenue surged 77.3 percent to QR 770m, while gross profit soared 89.9 percent to QR296m.
Earnings-per-share (EPS) was QR2.10 in H1 2009 compared to QR 1.10 in H1 2008. Total assets were valued at QR3.54bn in H1 2009 comprising current assets of QR1.44bn and non-current assets of QR2.09bn compared to QR3.31bn in the corresponding period last year, comprising current assets of QR1.45bn and non-current assets of QR1.85bn.
Al Sherawi noted that Al Koot Insurance and Insurance Company has benefited from new activities last year such as medical insurance which is continuously growing and is witnessing increasing demand in Qatar.
He added that the increasing demand for insurance from Qatar Petroleum and its affiliated companies has had a positive impact on GIS profit. Meanwhile, GDI invested in a new marine drilling unit, the " Al Zubara" with the highest specifications that will boost the level of services the company is providing to the oil and gas sector.
He also said that with the addition of the new drilling unit "Al Zubara" GDI's marine drilling fleet has increased to five.
Besides, Gulf Helicopters had inked an agreement with the Supreme Council for Health to provide rescue helicopter services in case of emergencies throughout the country, Al Sherawi said.
He added that Gulf Helicopters has also signed an agreement to purchase 10 additional helicopters.
GIS, he said, has been witnessing noticeable growth either in the local market with the expansion of projects in the oil and gas field in the country or in investments and projects as well as the expansion of its services overseas.
© The Peninsula 2009
