DOHA: Gulf International Services (GIS), the largest service 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 its 2012 full year results with revenue of QR2.2bn and net profit of QR464.3m.
In a statement to the Qatar Exchange (QE), Ebrahim Al Mannai, Chief Coordinator, Gulf International Services, said: “The group closed the year with revenue of QR2.2bn and net profit of QR464.3m, benefiting from growth across all segments and the acquisition of Amwaj Catering Services Limited QSC.”
He said the year 2012 was the best year for the group in terms of revenue, and marks the second best year with respect to profits. The group was able to successfully conclude the acquisition of Amwaj.
As for the Aviation segment, Gulf Helicopters Company expanded its operations in the GCC region and launched its flight simulator and pilot training facility in Doha.
Group revenue for the 2012 full year represented a significant increase of QR719.4m, or 49 percent, over the same period last year, and a QR135.5m, or 6.6 percent, positive variance versus the 2012 budget. Noticeably, the revenue recorded in 2012 was the highest since the group’s incorporation in 2008. The revenue increase was fueled by growth across all segments and the addition of Amwaj on June 1, 2012.
The group’s insurance subsidiary registered record full year gross insurance revenue of QR624.4m, a resolute QR76.5m, or 14.0 percent, improvement on 2011. The primary drivers for the year-on-year performance were growth in sums insured and premium inflation in the core Energy business, and the ongoing success of the Medical line’s market expansion plan.
Aviation segmental revenue totaled QR513.6m, a noteworthy improvement on 2011 of QR70.6m, or 15.9 percent. A number of factors contributed to this increase on last year, the most important of which was a general increase in flying hours, the commencement of new operations within the GCC, the commercial launch of the flight simulator and pilot training facility in Doha in the second quarter of 2012, and the resumption of normal operations in Libya. In the fourth quarter the segment recorded revenue of QR143.9m, 16.5 percent up on the last quarter. In total, the segment reported a significantly positive variance against budget of QR25.6m, or 5.3 percent. Total helicopter count stood at 41 at the end of 2012.
Commenting on the group’s net profit Al Mannai said: “Net profit for the year was QR464.3m, a year-on-year increase of QR181.4m, or 64.1 percent. The year-on-year improvement was driven by improved results in all segments, and the addition of Amwaj since June 1, 2012.”
The group’s total assets increased year-on-year by a robust QR 1.7bn or 36.8 percent, closing at QR6.3bn, due mainly to the acquisition of Amwaj, debt-funded advanced payments made for a number of drilling and aviation asset purchases, and cash flows from operations. Despite significant loan repayments, total loans and borrowings increased on the 2011 close by QR761.8m or 80.3 percent, to close the year at QR1.7bn.The group also reported a closing cash position of QR823.2m, a decrease on 2011 of QR270.4m, or 24.7 percent.
The Board of Directors recommended a 26.9 percent increase in the annual dividend distribution to a total of QR223m, equivalent to a payout of QR1.50 per share and representing 15 percent of the nominal value.
The Peninsula
