Doha, Qatar: Gulf International Services (“GIS” or “the Group”; QE ticker: GISS), today reported a net profit of QR161m for the three-month period ended 31 March 2024, with an earnings per share of QR0.0867.

All subsidiaries witnessed growth in revenue compared to last year supported by improved day rates, higher asset utilization from the aviation and drilling segments and higher-flying hours in addition to improved premiums from the insurance segment.

The Group reported an EBITDA of QR268m and recorded a net profit of QR161m for the three-month period ended 31 March 2024. Improved profitability was mainly driven by growth in revenue coupled with reduction in finance costs by 49 percent on the back of the new debt restructure.

On the other hand, Net profit of QR161m was reported during Q1-24 as compared to a Net loss of QR23m during the previous quarter, a significant increase by 801 percent.

This increase in the Group’s net profit was mainly due to higher profitability from the aviation segment due to increase in revenue, and lower net monetary losses arising from the accounting impact of hyperinflation from GHC’s Turkish subsidiary. Whilst the drilling segment’s reported profit compared to loss in the previous quarter mainly due to lower direct costs associated with lower maintenance costs and lower G&A expenses in addition to lower finance costs amid the debt restructure and one-off upfront fees related to the debt restructure paid in the previous quarter. GIS will host an IR earnings call with investors to discuss its financial results, business outlook and other matters on Tuesday 7th of May 2024 at 1:30 p.m. Doha time. The IR presentation that accompanies the conference call will be posted on the ‘financial information’ page within the Investor Relations section at GIS’ website.

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