15/08/2025 14:04 AST
Gulf International Services, yesterday reported a net profit of QR408m for the six-month period ended 30 June 2025, representing an improvement of 14 percent versus the same period of last year. Earnings per share rose to QR0.219, up from QR0.192 in H1 2024, reflecting the Group's continued operational momentum and effective strategic execution.
The drilling segment maintained strong growth momentum, supported by the previous acquisition of the three-jack up rigs, which strengthened financial performance through the full consolidation of Gulf Jack up and Gulf Drill revenues. This, combined with improved rig contract utilisation, delivered a significant uplift in overall performance compared to last year.
Regarding updates on rig operations and contract status, one of the offshore rigs concluded its previous contract during end of Q2-2025 and is currently undergoing preparation for re-deployment. The rig is expected to mobilize for a new contract by Q4-2025 on a 4-year firm contract tenor along with 3 years optional. Another offshore rig was also successfully renewed for a new 5-year contract tenor. These strategic renewal and newly awarded contract scheduled for re-deployment strengthen the company's revenue visibility, enhance fleet utilisation,
and support the long-term strategy for sustainable growth and value creation for shareholders.
During the first half of 2025, the Maintenance, Repair, and Overhaul (MRO) segment emerged as a key driver of revenue growth, supported by an increase in third-party engine overhaul activities. Additionally, flying hours across both domestic and international operations rose, fueled by heightened demand for helicopter services supporting offshore oil and gas operations.
Building on its track record of operational excellence, GHC successfully secured the renewal of a key domestic contract with a major client, extending the partnership for a substantial long-term period. This strategic renewal shall provide revenue stability and re-enforce our commitment to sustainable growth and operational stability.
As part of its announced fleet renewal, progress on the delivery schedule has been steady with 5 helicopters being received to date, three helicopters were successfully delivered in 2024. This was followed by the delivery of two additional helicopter in the first half of 2025, and another expected in the second half of the year. The remaining four helicopters, under the optional portion of the agreement, are scheduled for delivery beyond 2025.
The group posted strong revenue growth for the six-month period ended 30 June 2025, primarily driven by robust performance across all the segments. Key factors contributing to this growth included the full consolidation of Gull drill and Gulf Jack from 25 June 2024, improved asset utilization in the drilling segment, higher MRO revenue in aviation and insurance premiums supported by new medical contacts.
During the six-month period ended 30 June 2025, the Group recorded a solid uplift in profitability, with both net profit and EBITDA showing remarkable improvement compared to the same period last year.
GIS will host an IR earnings call with investors to discuss its financial results, business outlook and other matters on Tuesday, 20th August 2025, at 1:30 p.m. Doha time. The IR presentation accompanying the conference call will be posted on the 'financial information' page within the GIS website Investor Relations section.
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