Qatar: GIS reports net profit of $61mln in Q1
The Group reported strong revenue growth for the three-month period ended 31 March 2025.
This growth was primarily driven by the strong results from the aviation, drilling, and insurance segments.
Key contributors included full consolidation of Gulf drill and Gulf Jack up starting from 25 Jun 2024 in addition to higher day rates and improved asset utilisation for certain rigs in the drilling segment, improved MRO revenue in the aviation segment and enhanced premiums in the insurance segment, supported by new medical contracts.
The Group delivered robust financial results for the three-month period ended 31 March 2025. With significant improvements in both EBITDA and net profit. this enhanced profitability was mainly driven by the strong growth in revenue from the business segments.
Revenue for Q1-25 increased compared to Q4-24, primarily due to higher contribution from the drilling, aviation and insurance segment.
The drilling segment recorded stronger performance driven by increased rig move activity during the current quarter in addition to higher rig utilisation.
The aviation segment benefited from higher contributions from the MRO segment, supported by additional third-party engine overhaul works.
Meanwhile, revenue growth in the insurance segment was attributed to higher earned portion of policies issued during the quarter.
Net profit Increased compared to the previous quarter mainly due to improved revenue and lower direct costs from the aviation and drilling segments.
The Group maintained robust total assets and cash reserves, despite a decrease in total cash due to the 2024 dividend payment and loan repayments from the drilling segment.
The drilling segment posted solid gains in revenue performance for the three-month period ended 31 March 2025.
The aviation segment experienced a revenue increase in comparison to the same period of last year.
The increase in revenue was mainly attributed to improved revenue from the MRO segment due to third party engine repairs work conducted.
The insurance segment reported a marginal increase in revenue for the three-month period ended 31 March 2025, increase in revenue was mainly driven by new contracts obtained within the medical line of business.
Segmental net earnings decreased compared to 1Q-24.
The decrease in bottom line profitability was mainly driven by lower investment income recognized from the investment portfolio, on account of un-favorable movement in the capital markets, which negatively affected the market-to-market valuations of the investment portfolio.
On quarter-on-quarter basis, the segment revenue for Q1-25 increased due to higher earned portion of policies issued during the quarter.
However, segmental profitability for Q1-25 decreased, impacted by lower investment income on the back of un-favorable movement in the capital market in addition to lower finance income resulted from lower interest rates.
GIS will host an IR earnings call with investors to discuss its financial results, business outlook and other matters on Tuesday 6th of May 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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