Gulf International Discloses Its Financial Statements for First Half of 2017

July 31, 2017

Gulf International Services disclosed its financial statements for the six-month period ended June 30, 2017. The statements show that the net profit is QR 15.8 million compared to net profit amounting to QR 160.7 million for the same period of the previous year. Earnings per Share (EPS) amounted to QR 0.09 for the period ended June 30, 2017 compared to EPS of QR 0.86 for the same period of the previous year. 

The Group's Comment

Gulf International's operational income dropped in the second quarter of this year by 35% to QR 195.8 million. Administrative and public expenses increased by 14.3% to QR128.5 million. Net financing cost increased by 42.5% to 61 million. Adding other items, including losses incurred as result of depreciation worth QR 10.9 million, then net profit falls by 90% to QR 15.8 million. Hence, comprehensive income fell by QR 4.2 million as result of the decline of its items by 11 million.