(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.