(The Group’s Comment) Gulf International Services Net Profit Decreases by 12.3% to QAR 34.58 Million in the 3rd Quarter 2019

Ø  Profits: The Company’s profits for the 9 months ended 30 Sept 2019 declined by 12.4% to record QAR 34.6 million compared to QAR 39.5 million for the same period 2018. Earnings per share amounted QAR 0.019 versus QAR 0.021. 3rd quarter’s profits amounted QAR 5.28 million versus QAR 5.22 million of the equivalent quarter 2018.

Ø  Comprehensive Income: The Company recorded valuation profits reflected in the comprehensive income statement of QAR 6.5 million versus losses for the equivalent period 2018 of QAR 6.7 million.

Ø  Revenues: Revenues increased by 18.3% to reach QAR 2238.0 million compared with QAR 1831.3 million for the equivalent period last year attributed to the increase in the insurance division revenues as well as the improvement in the revenues of the drilling division resulted from the operation of the new offshore drilling platform “West Tocana” at Qatar Gas through a strategic partnership with “Sea Drill”

Ø  Expenses and other revenues: The Company’s administrative and general expenses were reduced by QAR 25.5 million. In contrast, the financing costs increased by QAR 13.4 million attributed to the implementation of Standard 16 pertaining to the operating leases. Ultimately, the expenses were reduced by QAR 12.4 million. However, the decline in other revenues by QAR 22.0 million led to the decline in the period’s profits.