MIS aims to improve asset utilization, better debt structure


Subsidiaries of Gulf International Services (GIS) such as Gulf Drilling International, Gulf Helicopters, Al Koot and Amwaj will continue their efforts not only to maintain market share, but also to improve asset utilization.
This multi-pronged approach aims to build a resilient future to create long-term shareholder value, according to GIS Chairman Sheikh Khalid bin Khalifa al-Thani.
“In addition, tireless efforts are being made to achieve an efficient and effective debt structure for the group, which is a key ingredient of our business strategy,” he told shareholders at the meeting. Annual General Meeting, which approved the 2021 financial results and the dividend. .
These plans are currently underway and would bring an additional layer of financial viability to the group, with opportunities to expand our footprints and therefore improve competitive positioning, he said.
GIS will continue to focus on profitability across all of its segments and will continue to implement new measures, which could further transform operations, creating an additional layer of defense for an already lean organization, Sheikh Khalid said.
The post-pandemic recovery for the group remained “uneven”, with the aviation and insurance segments continuing to show persistent improvement in their results, while the drilling segment remained under pressure until the first half of the year, he said.
However, with the latest strategic achievements, the drilling segment has started to show signs of recovery. In 2021, Gulfdrill JV, which had previously been awarded five jack-up rigs related to the expansion of North Field (NFE) in Qatar, became fully operational with the deployment of the remaining three rigs in the first half of the year. 2021.
“Going forward, with Gulfdrill JV becoming fully operational, it should bring additional revenue streams for the segment, as well as improved operating cash flow for the group,” he said.
The Aviation Services segment’s business strategy is primarily based on expanding domestic markets and growing international footprints, with a focus on the Middle East, North Africa and Africa.
The strategy also aims to grow the Gulf Helicopter fleet to meet expected growth; while modernizing the existing fleet to build customer loyalty with the most advanced aircraft; and growth in maintenance, repair and overhaul activities.
Key strategies for the insurance segment revolve primarily around the medical and energy business sectors leveraging premiums by reaching out to new customers, locally and internationally, including small and medium-sized businesses or SMEs, within or outside the oil and gas sector, benefiting from projects, such as the ENF and the potential implementation of new regulations related to the insurance sector.
Growth will also be supported by price management taking into account increased risk retention, wherever economically viable, and renewal of contracts with existing customers, the GIS board said.
Other key strategies include improving the effective implementation of complaints management policies and procedures; and diversification of the investment portfolio; coupled with a strategic reallocation of investable assets to support overall profitability within the segment and ensure a strong liquidity position.
The commercial strategy of the catering segment was mainly focused on improving customer loyalty; improve the success rate of calls for tenders; and increase the market share of workforce and facilities management services and maximize the level of occupancy in the camps.
Other key elements of the strategy include continued cost optimization and diversification into non-oil and gas sectors such as healthcare, transportation, while also targeting SME customers.
“Currently, various scenarios and options are being considered and evaluated that would allow management, as well as all other stakeholders, to gain greater certainty with a stable view of the market relative to the debt profile and capacity. repayment plan,” said Mohamed Jaber al-Sulaiti, director of the privatized companies affairs department, QatarEnergy.


About Author

Comments are closed.