(The Group's Comments) Gulf International Services Net
Profit Rises to QR 25 Million in the First Quarter of 2019
April 29, 2019
Profits: Gulf International Services (GIS)
profits increased to QR 25.28 million in the first quarter 2019,
compared to QR 9.46 million in the same quarter of 2018, while
its earnings per share reached QR 0.14 in this period, versus QR
0.05 in the corresponding quarter of last year.
Revenues: improved significantly to QR 719.2
million in this quarter, an increase of 17.5% or QR 107.5
million, compared to QR 611.7 million recorded in the same
period last year, while the company’s gross profit (revenues -
costs) amounted to QR 108 million in the current first quarter,
compared to QR 93.1 million for the corresponding period in
2018.
Expenditures: excluding
financing costs, amounted to QR 52.7 million in the first
quarter of 2019, compared to QR 58.8 million for the same
quarter of 2018, a decrease of approximately 10% due to the drop
in administrative and general expenses. Accordingly, operating
profits climbed to QR 76.8 million, compared to QR 53.2 million
in the corresponding period of last year.
Financing Costs: Net financing
costs increased from QR 43.8 million to QR 51.5 million due to
higher interest rates.
Comprehensive Income: GIS’s recorded
a valuation profits of QR 3.7 million in this first quarter,
versus a loss of QR 2.4 million for the same period last year.
|