Qatar’s GIS 2014 Net Profit Doubles, Hikes Dividend

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.