Gulf International Services reports net profit of QR408m for six-month period ended 30 June 2025

Doha: Gulf International Services, yesterday reported a net profit of QR408m for the six month period ended 30 June 2025, representing an improvement...

Doha: Gulf International Services, yesterday reported a net profit of QR408m for the six-month period ended 30 June 2025, representing an improvement of 14 percent versus the same period of last year. Earnings per share rose to QR0.219, up from QR0.192 in H1 2024, reflecting the Group’s continued operational momentum and effective strategic execution.

The drilling segment maintained strong growth momentum, supported by the previous acquisition of the three-jack up rigs, which strengthened financial performance through the full consolidation of Gulf Jack up and Gulf Drill revenues. This, combined with improved rig contract utilisation, delivered a significant uplift in overall performance compared to last year.

Regarding updates on rig operations and contract status, one of the offshore rigs concluded its previous contract during end of Q2-2025 and is currently undergoing preparation for re-deployment. The rig is expected to mobilize for a new contract by Q4-2025 on a 4-year firm contract tenor along with 3 years optional. Another offshore rig was also successfully renewed for a new 5-year contract tenor. These strategic renewal and newly awarded contract scheduled for re-deployment strengthen the company’s revenue visibility, enhance fleet utilisation, and support the long-term strategy for sustainable growth and value creation for shareholders.

During the first half of 2025, the Maintenance, Repair, and Overhaul (MRO) segment emerged as a key driver of revenue growth, supported by an increase in third-party engine overhaul activities. Additionally, flying hours across both domestic and international operations rose, fueled by heightened demand for helicopter services supporting offshore oil and gas operations.

Building on its track record of operational excellence, GHC successfully secured the renewal of a key domestic contract with a major client, extending the partnership for a substantial long-term period. This strategic renewal shall provide revenue stability and re-enforce our commitment to sustainable growth and operational stability.