Yesterday, Gulf International Services (GIS) reported that the Group recorded a net profit worth QR290m, while the Group’s total assets reached QR10.9bn during its fiscal year that ended December 31, 2022.
At the General Assembly Meeting held at the Sheraton Hotel, the Group Chairman, Sheikh Khalid bin Khalifa Al Thani and the Board of Directors reported that the financial year net profit surged by 436 percent in 2022.
While the Group posted a whopping net profit post-pandemic, the business sectors rapidly revitalised in the oil and gas sectors and the overall constructive macroeconomic context with regard to many of its activities.
During the Ordinary General Assembly attended by GIS officials and its stakeholders, the meeting witnessed the approval of the Board of Directors 2022 report, Auditor’s report on GIS’ consolidated financial statements, presenting and approval of the Governance Report, and approving the Board’s recommendation for a dividend payment of QR0.1 per share for 2022, representing 10 percent of the nominal share value.
GIS Chairman Al Thani said that compared to 2021, all the firms have tremendously excelled well with strong financial results last year.
He also highlighted that within the catering segment, GIS has proceeded with the merger of Amwaj with Al Shaqab and Atyab, which was presented as part of the agenda for the Extraordinary General Assembly meeting for approval.
He continued by saying "Thanks to the efforts made by all parties, an agreement has been reached that will result in the largest Qatari company specialised in the catering sector, while expectations indicate that the new entity will have significant contributions in the field of catering services and manpower provided to the industrial sector in Qatar, with a potential of expanding in other activities."
“Looking ahead, GIS’ strategy will continue to remain focused on maximizing value by capitalising on the competitive strengths of its Group companies, while pursuing attractive opportunities to expand footprints, while looking ahead to improve asset utilization and enhance operational excellence to create long-term shareholder value,” he added.
Acting Manager, Privatized Companies Affairs, QatarEnergy Abdulla Yaqoob Al Hay lauded the efforts taken by the Group for a strong fiscal year performance.
He said: “The Group’s revenue for the year ended 31 December 2022 also increased by 19 percent compared to last year, reaching a total of QR3.7bn.
Revenue growth from aviation, drilling, and catering segments led to an overall increase in the Group revenue.”
On account of higher rig rates, the Group witnessed strong growth in the drilling segment, while the aviation segment profited from increased flying activities and the insurance benefited due to lower claim reports.
