FINANCIAL NEWS

Qatar’s GIS reports 33% jump in 2009 profits

23 Feb 2010

(MENAFN) Doha-based Gulf International Services (GIS) reported a 33 percent jump in net profit to $155 million in 2009 on faster growth in its aviation and drilling business, The Peninsula reported.

Revenues from aviation and drilling jumped 28 percent to $305 million and from insurance by 40 percent to $125.7 million, according to its financial statement filed with the Qatar Exchange. Total revenue jumped 31 percent to $431 million.

Total costs grew faster at 36 percent to $260.8 million as expenses on insurance surged 54 percent and direct costs on aviation and drilling by 26 percent. Gross profit rose 24 percent to $170.1 million.

GIS, which is the holding company of Gulf Drilling, Gulf Helicopters and Al Koot, also reported a net finance income of $4.67 million in 2009 against net finance cost of $2.9 million the previous year.

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