Qatar’s Gulf International Services Q1 Profit Rises 89%

Qatar’s Gulf International Services reported an 89 per cent rise in first-quarter profit on Monday.

The firm, which has interests in insurance, aviation, oil and gas and catering, made a profit of 355.7 million riyals ($97.71 million) in the three months to March 31, according to a statement to Doha’s bourse. This is up from 188.6 million riyals in the corresponding period of 2014.

One analyst had forecast Gulf International Services would make a quarterly profit of 286.8 million riyals.

The company did not give a reason for its profit jump, but said in a separate statement on Monday that lower oil prices were starting to affect its drilling rig business.

It said one of the customers of its subsidiary Gulf Drilling International would release a contracted rig in May and another one had requested lower day rates.