Gulf International Services posts QR145 mn profit in nine months

Gulf International Services (GIS) posted a QR145 million profit in the third quarter of 2026, marking its return to profitability after a challenging period. The company reported revenue of QR3.5 billion for the nine-month period ended September 30, 2026, with EBITDA reaching QR685 million, representing a 20% margin. Earnings per share stood at QR0.078, compared to QR0.309 in the same period last year.

The Group's performance improved following the resumption of offshore rig operations and the return to service of most suspended aircraft in June 2026. However, the results were affected by a QR68 million customs-related charge in aviation and lower investment income in insurance due to weaker capital market conditions. Drilling segment normalisation saw all suspended offshore rigs return to service, while aviation segment recovery was driven by most aircraft returning to service and higher international revenue.

Insurance segment growth was supported by expansion across medical and general insurance businesses, despite higher direct costs. GIS maintained a strong financial position with robust liquidity and a significant asset base.