GIS posts QR67 million H1 profit as insurance business grows
Tribune News NetworkDohaGulf International Services (GIS) reported a net profit of QR67 million for the six-month period ended June 30, 2026, as stronger performance from its insur...
Gulf International Services (GIS) announced a net profit of QR67 million for the first half of 2026, driven by the growing insurance business. The company's revenue reached QR2.2 billion, with earnings before interest, taxes, depreciation and amortisation (EBITDA) at QR425 million. Al Koot Insurance, GIS' insurance division, experienced significant growth, contributing to the group's overall performance.
However, the drilling segment recorded a net loss due to reduced offshore and onshore operations, as well as lower revenue from lift boats and barges. The aviation segment also saw a decline in revenue, primarily due to fewer flying hours and reduced activity in its Maintenance, Repair and Overhaul (MRO) business. Despite these challenges, GIS' insurance segment continued to expand, with strong top-line growth, higher premiums, new contracts, and the issuance of new policies.
The investment portfolio's performance also played a crucial role in boosting the insurance business's net earnings.
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