GIS reports net profit of QR356m in H1 2024

Doha: Gulf International Services ( GIS or the Group ; QE ticker: GISS), yesterday reported a net profit of QR356m for the six month period ended 30...

Doha: Gulf International Services (“GIS” or “the Group”; QE ticker: GISS), yesterday reported a net profit of QR356m for the six-month period ended 30 June 2024, representing an incline of 27% compared to H1 2023. The drilling segment has made significant progress in strengthening its financial stability through strategic initiatives focused on enhancing profitability and optimizing operations for greater efficiency. The recent restructuring of the loan with a longer tenor and competitive rate, along with the acquisition of the three jack-up rigs, positions GDI as the largest Qatari drilling service provider.

Regarding updates on the overall fleet and contract status, the company secured a four-year contract extension for certain onshore rigs that were set to expire this year. However, another onshore rig completed its contract during Q2 2024 and is currently off-contract. One of the lift boats was awarded a new three-year contract at the end of the first quarter of this year, with an improved day rate compared to its previous day rates, which will positively impact the company’s revenue.

GDI currently holds the majority market share in the Qatari offshore market, with a total of 12 operating rigs. The company will continue pursuing various strategies to expand its market share and drive sustained growth.

During the first half of 2024, GHC experienced an increase in demand for helicopters supporting offshore oil and gas services in both domestic and international markets. The segment continued to experience enhanced business performance, attributed to increased flying hours within both domestic and international operations. In line with its fleet upgrade strategy and as previously announced, GHC signed an aircraft acquisition contract with a reputable supplier to supply five helicopters, with an option to add an additional five aircrafts. The first four helicopters are expected to be delivered in the second half of this year.

Al-Koot, a leader in Qatar’s medical insurance sector, demonstrated strong performance in the first half of 2024 by successfully renewing major contracts and in its general line of business, Al-Koot maintains its leadership in the local energy insurance market, offering the largest capacity for mega-energy risk in Qatar while also covering non-energy risk.