GIS embarks on robust strategy to improve future performance: Sheikh Khalid
March 10 2019 09:12 PM
Sheikh Khalid (second left) at the Gulf International Services (GIS) shareholders meeting at the Fou
Sheikh Khalid (second left) at the Gulf International Services (GIS) shareholders meeting at the Fou

Gulf International Services (GIS) has embarked on a robust strategy, which includes overseas expansion of its aviation arm, as it pins hopes on medium to long term prospects.

"Given that our strategy rollout is in full swing, the future performance of GIS in the medium and long run would be improved," its chairman Sheikh Khalid bin Khalifa al-Thani told shareholders at the annual general assembly meeting.

The group expects to invest over the next few years with most of them being directed towards enhancing efficiency and capture available opportunities.

"The capital expenditure relating to the potential opportunities will be assessed on a case-to-case basis," he said.

With a modest growth in revenue and marginal savings in the general and administrative costs, the group reported an impressive Ebitda (earnings before interest taxes depreciation and amortisation of QR746mn in 2018, indicating its ability to generate significant cash operating profits.

Highlighting that several opportunities beckon GIS in the immediate future, he said it is seeking future business from the oil and gas activities in Qatar.

"These activities will provide significant opportunities for our drilling and aviation subsidiaries, which have already started building capabilities to capture these opportunities," he said.

Outlining the strategy of Gulf Helicopters (GHC), which has 49 choppers on its fleet, he said it" is actively engaged in market development, including overseas expansion.

"This will help GHC in utilising its fleet more efficiently and entering new profitable markets," Sheikh Khalid said.

On its insurance subsidiary AL Koit, he said it has regained some of its previously lost clients and it also won several new clients that were not part of its portfolio.

On Gulf Drilling International (GDI), he said it is aggressively focusing on the implementing the previously identified strategies.

"The drilling segment is also exploring opportunities to benefit from new drilling programmes that are planned in the future," he said.

GDI currently has direct ownership of 17 drilling rigs (nine offshore and eight onshore), one jack up accommodation barge and two lift boats.

There are no comments.

LEAVE A COMMENT Your email address will not be published. Required fields are marked*