Doha, Qatar–Gulf International Services (GIS) posted a net profit of $77.19 million in the first half of 2023 in comparison to $37.63 million for the same period of the previous year, according to the financial disclosure published on the website of Qatar Stock Exchange.
The earnings per share(EPS) amounted to QR 0.151 as of 30th June , 2023 versus earnings per share(EPS) QR 0.074 for the same period in 2022.
In February this year, GIS reported a net profit of $79.67 million for the year ended December 31, 2022, with an earnings per share of QR0.156.
The group witnessed strong financial performance for the year ended December 31, supported by all the segments. The drilling segment witnessed a strong recovery due to combination of factors including comparatively higher rig day-rates, improved asset utilization as more rigs became operational, and successful contract renewal with extended tenors. In addition, new contracts for liftboats were won internationally in KSA and Maldives, which helped diversifying the segment’s revenue streams and supported the overall growth for the drilling segment.
The aviation segment was able to sustain its growth momentum in terms of strong top-line performance mainly driven by better flying activity coupled with comparatively higher contributions from the MRO business.
