Qatar-based Gulf International Services (GIS) has announced its financial results for 2016 that show a 30 per cent drop in revenue and a net profit reduction of 92 per cent compared to the previous year.
GIS posted group revenue of QAR 3 billion and net profit of QAR 67 million for the year ending December 31, 2016, compared to QAR 4.2 billion and QAR 801 million respectively for 2015.
The listed holding company operates in four business segments: providing insurance and reinsurance services primarily to Qatar Petroleum through Koot Insurance and Reinsurance Company; aviation services in Qatar and the broader MENA region through Gulf Helicopters; onshore and offshore drilling and related services for the QP group through Gulf Drilling International; and catering and manpower services to the group through Amwaj Catering Services.
Gulf International Services (profile) linked the reductions to a challenging market environment, highlighting the impact of low crude oil prices on rig utilization and drilling.
The company’s Board of Directors has proposed a cash dividend of QAR 1.0 per share for 2016.