Doha, Qatar: Gulf International Services (GIS) held its Ordinary General Assembly Meeting for the financial year ended on 31 December 2023, yesterday.
Addressing shareholders on the occasion, Sheikh Khalid bin Khalifa Al Thani Chairman of the Board of Directors, GIS said, this past year was one of strategic transformation for GIS. “We marked critical milestones with the successful Amwaj merger, creating a local champion in catering and manpower services with potential to expand into more business activities.”
“Our collaboration with Gulf Drilling International resulted in the successful restructuring of the loan, alleviating financial burdens, and reinforcing our operational capabilities. By ensuring high utilization rates for our assets, we’re poised for sustainable growth in the coming years." As we look ahead, the Group’s strategy will remain centered on maximizing value through the utilization of the competitive strengths of its group companies. “We will persistently pursue suitable opportunities to expand our presence, while also striving to enhance asset utilization rates to create value for our shareholders in the medium and long terms,” he added. The group concluded the year on a strong note, achieving net profit of QR392m, supported by business dynamics and strategic initiatives. Therefore, after considering the Group’s operating, investing and financing needs, the Board of Directors was pleased to recommend a total dividend distribution of QR279m for the year ended 31 December 2023, equivalent to QR0.15 per share, representing 71% of this year net earnings.
Abdulla Yaaqob Al Hay Manager Privatized Companies, QatarEnergy said, In 2023, the Group’s net profit surged to QR392m, showcasing a robust financial performance for the year ending December 31, 2023. This growth primarily stemmed from advancements across all segments of the Group. Furthermore, Group revenue reached to QR3.5bn for the same period, marking a remarkable 17% increase compared to the previous year.
This achievement stands as a testament to the dedication of our teams across all segments. Furthermore, the drilling segment recorded a positive performance during the year, with an increase in utilization rates, securing the renewal of some contracts in the short and medium term, in addition to improved revenues from the joint venture “Gulf Drill”.
Moreover, “we succeeded in restructuring debts amounting to QR4.3bn, enabling us to attain the necessary flexibility, enhance liquidity levels, and increase investment opportunities to fortify our financial position for safely navigating economic fluctuations,” he added.
