Gulf International Services’ net profit fell 74.8% to about QR144.57 million ($39.7 million) in the first nine months of 2026, from QR573.6 million a year earlier, according to results published by the Qatar Stock Exchange on Thursday and reported by the Qatar News Agency (QNA).
Earnings per share fell to QR0.078 from QR0.309.
Group revenue fell to QR3.455 billion from QR3.721 billion. Earnings before interest, taxes, depreciation and amortization fell to QR685 million from QR1.189 billion, a margin of 20%, according to figures reported by Mubasher.
Drilling recovers in third quarter
The drilling segment posted revenue of QR1.104 billion and a net loss of QR37 million for the nine months.
It returned to a net profit of QR48 million in the third quarter after all offshore rigs that had temporarily suspended operations at the end of June resumed work. Contracts for three offshore rigs were extended with an existing customer for up to four years.
Aviation and insurance
Gulf Helicopters, the aviation unit, recorded revenue of QR843 million and net profit of QR80 million. Its earnings were hit by customs duty costs of QR68 million. Aviation activity returned to normal levels in the third quarter, with most aircraft back in service.
Revenue at insurance unit Al Koot Insurance rose 23% to QR1.234 billion, and its net profit reached QR98 million, supported by its investment portfolio.
Catering revenue rose 5% to QR333 million. The segment’s net profit was QR21 million, weighed by higher food and operating costs.
Balance sheet
Cash and short-term investments stood at QR1.6 billion at the end of September, up 54% from QR1 billion at the end of December 2025.
Total assets rose 5% to QR12.2 billion, and total debt fell 3% to QR5.2 billion.
The company reported net profit of QR66.837 million for the first half of 2026, compared with QR407.790 million a year earlier.
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