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doha
Gulf International Services (GIS) has reported a net profit of QR189 million revenue of or the nine months period ended September 30, 2016, compared to QR822 million for the same period of 2015, representing a decrease of QR 633 million on last year.
This year-on-year decrease was primarily due to the reduced revenue despite a notable improvement in the operating costs, GIS said in a release on Wednesday.
Earnings per share stood at QR1.02 for the period, compared to QR 4.42 for the same period of 2015
Group revenue for the nine months period was QR 2.3 billion, compared to QR 3.3 billion for the same period of 2015. GIS said the reduction was driven by the downward rates-revision and reduced level of activities across all segments of the group due to the challenging market conditions faced by the group companies.
Revenue in the drilling segment was significantly impacted by the lower daily rates and utilization of rigs following the drilling price plunge, which have adversely affected most of GDI contracts, a statement said.
However, the company's total assets grew by 3 percent to QR11.6 billion.
Aviation segment revenue was also down on 2015 due to lower flying hours, downward rate revisions and reduced operations across the region.
Catering and Insurance segment's revenue were moderately affected due to demobilization of contracts and lower rates on new contracts.
Nonetheless, the group is continuously working on improving its revenue through a number of initiatives including exploring new opportunities in and outside of Qatar, GIS said.
MPHC
MPHC net profit Mesaieed Petrochemical Holding Company (MPHC) reported a net profit of QR716 million for the nine months period ended September 30, 2016, a decline of 9 percent compared to a net profit of QR786 million during the same period of the previous year.
The company, which is a subsidiary of Qatar Petroleum, and one of the region's premier diversified petrochemical conglomerates with interests in the production of olefins, polyolefins, alpha olefins and chlor-alkali products, reported earnings per share (EPS) of QR0.57 compared to QR0.62 last year.
The year-on-year decrease was due to the decline in selling prices despite improved sales volumes in the midst of a challenging market. This reduction was partially offset by the cost savings arising from the cost optimisation initiatives undertaken by the group, MPHC said in a release on Wednesday.
The groups' profit was also aided by a tax refund of approximately QR65 million booked during the period. The group continued to benefit from the supply of competitively priced ethane feedstock and fuel gas under long-term supply agreements.
These contractual arrangements are an important value driver for the group profitability in a challenging market condition, MPHC said.
The closing cash position after the first nine months of operations and after distribution of previous years' dividend of QR851 million, was a robust QR922 million as at September 30, 2016. The total assets at September 30, 2016 was QR14.1 billion, compared to QR14.3 billion as at December 31, 2015.
The group continued to operate in a highly volatile and competitive environment. The group's operations were hindered by the volatility in selling prices.
The product prices declined by 11 percent compared to the same period of the previous year due to the oil price plunge and challenging market conditions.
The financial and operating results were commendable despite the fluctuations in prices, and exceeded the budget expectations primarily due to the increase in sales volumes. With the successful completion of the periodic turnaround in some of the plants in the previous year, the production and sales volumes increased during the year.
QEWC
Qatar Electricity and Water Company (QEWC) has reported a net profit of QR1.23 billion in the first nine months of the year ended September 30, 2016, an increase of 8 percent compared to QR1.14 billion in the same period last year. The earning per share amounted to QR11.21 in 2016 compared to QR 10.37 for the same period in 2015.
The company's sales increased by 5.3 percent to QR 2.32 billion, as against QR2.20 billion for 2015.
Meanwhile, the Board of Directors of QEWC held a meeting on Wednesday to discuss the financial results.
The meeting was chaired by Minister of Energy & Industry and Chairman of the QEWC's Board of Directors Dr Mohamed bin Saleh al Sada.~ The board was briefed on the company's projects under construction.
The first phase of Ras Abu Fontas A3 (RAF A3) project has been completed with a capacity of 22MIGD and full completion of the project with 36 MIGD capacity is expected by January 2017, a statement said.
The project is 98 percent complete as of now. Umm Al Houl Power Project, which ~is one of the largest and strategic projects in the field of electricity generation and water desalination in the region,~ has reached 66 percent completion.~
The board also dicussed international projects, which is handled by QEWC's 60 percent owned joint venture, Nebras Power Company. Shams Ma'an Power project, which is engaged in ~the production of electricity using solar energy in Jordan,~ was inaugurated October 10, 2016. The plant began its commercial operation on September 22, a statement said.
Aamal
Aamal Company (Aamal) reported a 15.5 percent rise in net profit to QR423.7 million for the first nine months of 2016, the company said on Wednesday.
Earnings per share increase by 9.6 percent to QR0.57, compared to last year.
The company's total group revenue amounted QR1.99 billion in the period was marginally behind revenue at the same stage last year which benefitted from a number of large unrepeated sales contracts. However, the decline in revenue was largely offset by strong growth across Aamal's other industrial manufacturing and managed services division businesses, a statement said.
These two divisions were the main drivers of Aamal's performance in the first nine months, with industrial manufacturing increasing its net profit contribution by 71 percent on broadly flat revenues while managed services lifted its net profit contribution by 121 percent on revenues almost 50 percent higher which included new, first time contributions from acquired businesses during the period.
The property division also continued to perform well, contributing positively to revenue and profit despite accommodating the temporary disruption in the period to trading at City Centre, Doha as development and improvement work continued to make progress, a statement said.
Sheikh Mohamed Bin Faisal Al Thani, Vice-Chairman of Aamal, commented,"This performance clearly reflects the benefits of the group's approach to diversification, building a balanced and resilient portfolio of businesses across key sectors of the broadening Qatari economy, to drive profitable organic growth and margin expansion while maintaining strict control of costs and prudent levels of financial gearing."
Tarek M El Sayed, Managing Director, said,"Aamal's nine-month results again reflect our strong focus on operational excellence and cost efficiency as we continued to translate our top-line performance into higher profits and build an ever stronger foundation for long term value creation. Our proven track record in creating and running businesses efficiently across a broad range of growth sectors continues to position the Group strongly for the opportunities we see emerging over the remainder of the year and beyond."
