GIC Achieves Net Profit Of Qr711m In 2024

Doha, Qatar: Gulf International Services (GIS), yesterday reported a net profit of QR711m for the for the year ended December 31, 2024 marking a 94% increase compared to the same period last year, with an earnings per share of QR 0.383.

Commenting on the Group's strong financial and operational performance for the year ended 31 December 2024, sheikh Khalid bin Khalifa Al Thani, GIS Chairman of the Board of Directors, said:“As we reflect on 2024, I am proud to highlight the groups exceptional performance across all business segments. By capitalising on a favorable macroeconomic environment and executing our priorities, we have strengthened our competitive position, enhanced operational efficiency, and delivered sustained value for our shareholders. These achievements demonstrate the unwavering commitment of our team and reinforce our focus on long term growth and success.”

As we move forward, our priorities and efforts include safeguarding market share, maximizing asset utilization, and fostering sustainable growth to deliver enduring value for all stakeholders”. The group has announced its intention to list Al-Koot Insurance and Reinsurance Company on the Qatar Stock Exchange. Significant progress has been made, as Gulf International Services (GIS) has appointed QNB Capital as the lead transaction advisor.

The Group reported robust revenue growth for the year ended December 31, 2024. This growth was primarily driven by the strong results from the aviation, drilling, and insurance segments. key contributors included higher day rates and improved asset utilization in the drilling segment, increased flying hours in the aviation segment and enhanced premiums in the insurance segment, supported by major contract renewals.

The Aviation segment experienced a revenue increase in comparison to the same period of the previous year. This growth was primarily driven by higher flying hours in both domestic and international operations.

The insurance segment reported an increase in revenue for the year ended 31 December 2024 compared to the same period of last year.

Given a strong recovery in terms of the Group's financial results achieved during the current year, the Board of Directors after taking into account, the operating, investing, and the financing needs of Group's businesses is pleased to recommend a dividend distribution for the year ended 31 December 2024, equivalent to a pay-out of QR0.17 per share and equating to 17% of the par-value of the share capital of QR 1 per share, subject to the approval of General Assembly.

GIS will host an IR earnings call with its investors to discuss its financial results, business outlook and other matters on Monday, February 10, 2025 at 1:30 p.m. Doha time. The IR presentation that accompanies the conference call will be posted on the 'financial information' page within the Investor Relations section at GIS' website.

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