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Qatar’s GIS 2014 Net Profit Doubles, Hikes Dividend

Qatar’s GIS 2014 Net Profit Doubles, Hikes Dividend

Net profit for the full year of 2014 rose to QAR1.4 billion, up from QAR677 million the year before, it said in a statement.

Qatar’s Gulf International Services (GIS) on Tuesday reported a 108.4 per cent increase in net profit last year after strong growth in the company’s drilling sector and a one-off non-cash accounting adjustment.

Net profit for the full year of 2014 rose to QAR1.4 billion ($384.49 million), up from QAR677 million the year before, it said in a statement.

The company said the growth was driven by expansion across all business units, especially in drilling, and a gross one-off non-cash accounting adjustment for 300 million riyals. The gain reflected a 30 per cent share purchase in Gulf Drilling International on May 1, 2014.

GIS said its board had proposed a cash dividend of QAR5.5 per share for 2014. This compares with a recommended dividend of QAR1.6 per share for the year before.

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