Gulf International Services Net Profit Drops 37% to QR9.5 Million in Q1 2018

April 25, 2018

Gulf International Services disclosed its financial statements for the three months ended 31 March 2018, with a net profit of QR9.5 million, a drop of 37%, compared to QR15.1 million for the same period last year. The company’ earnings per share amounted to QR0.05 for the financial period ended 31 March 2018, versus QR0.08 for the same period in 2017.

The Group Comment

Gulf international Services' total income from core business increased by 7.5% to QR 94.4 million in the first quarter of this year; while other sources of income rose by 17.8%.  On the other side, public  and administrative expenses dropped by 4.5% to QR 58.8 million, though net financing cost went up by 51% to QR 43.8 million. As result, net profit slid by 37.1 % to QR9.5 million, and comprehensive income to QR 7.1 million.