25 June 2015
Doha - Gulf International Services ("GIS" or "the group"; QE: GISS), the largest services 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, announced that Qatar Petroleum, in its efforts to emphasize the importance of strengthening the principals of fair and equal competition through providing genuine participation opportunities for all qualified parties, has decided not to assign contracts by direct agreement with the concerned companies, including wholly or partly owned companies by Qatar Petroleum or its subsidiaries.
The decision which Qatar Petroleum has recently made stems from its role, not only as a national corporation responsible for all phases of oil and gas industry in Qatar, but also as a community partner helps achieve the comprehensive vision of the State of Qatar, as well as pursuing a forward-looking vision that outlines its ambition as a national corporation reinforcing the sense of belonging and providinga nurturing environment for a sustainable economic growth of the national economy with a social responsibility.
Gulf International Services welcomes the decisionand considers it a starting point for some of its subsidiaries, which have dealings with Qatar Petroleum, to strengthen their capabilities and resources and expand functions and services provided in order for them to be able, like all other companies working in the same field, to compete in the local market.
Gulf International Services QSC was incorporated as a Qatari joint stock company on February 12, 2008 by Resolution Number 42 of 2008 of the State of Qatar's Ministry of Economy and Commerce, pursuant to its Memorandum and Articles of Association and Law Number 5 of 2002 concerning Commercial Companies.The authorised share capital is QR 2 billion with the issued share capital consisting of 148.7 million ordinary shares and 1 special share.
Through the group companies, Gulf International Services QSC operates in four distinct segments - insurance and reinsurance, drilling, helicopter transportation and catering services.
Qatar Petroleum provides all of the head office functions for Gulf International Services QSC through a comprehensive service directive.The operations of the subsidiaries and joint venture remain independently managed by their respective Boards of Directors and senior management teams.
Mr. Ebrahim Ahmed Al-Mannai
Gulf International Services QSC("GIS")
Telephone: +974 4013-2080
Fax Number: +974 4013-9750
For more information about this press release, email firstname.lastname@example.org or visit www.gis.com.qa
The companies in which Gulf International Services QSC directly and indirectly owns investments are separate entities.In this press release, "GIS" and "the group" are sometimes used for convenience in reference to Gulf International Services QSC.
This presentation contains forward-looking statements concerning the financial condition, results of operations and businesses of Gulf International Services QSC.All statements other than statements of historical fact are deemed to be forward-looking statements, being statements of future expectations that are based on current expectations and assumptions, and involve known and unknown risks and uncertainties that could cause actual results, operations and business performance or events impacting the group to differ materially from those expressed or as may be inferred from these statements.
There are a number of factors that could affect the realisation of these forward-looking statements such as: (a) price fluctuations in crude oil and natural gas, (b) changes in demand or market conditions for the group's services, (c) loss of market share and industry competition, (d) environmental risks and natural disasters, (e) changes in legislative, fiscal and regulatory conditions, (f) changes in economic and financial market conditions and (g) political risks.As such, results could differ substantially from those stated, or as may be inferred from the forward-looking statements contained herein.All forward-looking statements contained in this press release are made as of the date of this press release, as marked on the Cover page.
Gulf International Services QSC, its Directors, officers, advisors, contractors and agents shall not be liable in any way for any costs, losses or other detrimental effects resulting or arising from the use of or reliance by any party on any forward-looking statement and / or other material contained herein.Gulf International Services QSC, its subsidiaries, joint venture and associated company are further in no way obliged to update or publish revisions to any forward-looking statement or any other material contained herein which may or may not be known to have changed or to be inaccurate as a result of new information, future events or any reason whatsoever.Gulf International Services QSC does not guarantee the accuracy of the historical statements contained herein.
Gulf International Services QSC's accounting year follows the calendar year.No adjustment has been made for leap years.Where applicable, all values refer to Gulf International Services QSC's share.Values expressed in QR billions and percentages have been rounded to 1 decimal point.All other values have been rounded to the nearest whole number.Values expressed in US $'s have been translated at the rate of US $1 = QR3.64.
CAGR: 5-Year Compound Annual Growth Rate (from 2010 actuals) • Cash Realisation Ratio: Cash Flow From Operations / Net Profit x 100 • Debt to Equity: (Current Debt + Long-Term Debt) / Equity x 100 • Dividend Yield: Cash Dividend / Market Capitalisation x 100 • EBITDA:Earnings Before Interest, Tax, Depreciation and Amortisationcalculated as [Net Profit + Interest Expense + Depreciation + Amortisation] • Energy (Insurance): Refers to the Energy, Plant and Construction, Marine, Fire and Other lines of business • EPS: Earnings per Share [Net Profit / Number of Ordinary Shares outstanding at the year end] • Free Cash Flow: Cash Flow From Operations - Total CAPEX • IBNR:Incurred But Not Reported (Refers to claims incurred but not yet reported at the statement of financial position date) • Interest Cover: (Earnings before Interest Expense + Tax) / Interest Expense • Net Debt:Current Debt + Long-Term Debt - Cash & Bank Balances • Payout Ratio: Total Cash Dividend / Net Profit x 100 • P/E:Price to Earnings multiple [Closing market capitalisation / Net Profit] • ROA:Return On Assets [EBITDA/ Total Assetsx 100] • ROCE:Return On Capital Employed [Net Profit before Interest & Tax / (Total Assets - Current Liabilities) x 100] • ROE:Return On Equity [Net Profit / Shareholders' Equity x 100] • Utilisation (Rigs): Number of days under contract / (Number of days available - Days under maintenance) x 100
© Press Release 2015