FINANCIAL NEWS

GIS profit to hit USD247m in 2014 after buyout

29 Apr 2014

(MENAFN) The Gulf Drilling International (GDI) future earnings are expected to grow strongly after Gulf International Services (GIS) completed the 30-percent acquisition previously held by Japan Drilling Company, The Peninsula Qatar reported.

Chief Coordinator of GIS said that the future earnings of GIS are expected to grow strongly and the company’s shareholders are expected to gain from the transaction with GIS’s share of GDI’s results increasing from 70 percent to 100 percent.

Consolidated revenue of the GIS group is now projected to hit USD960 million, while profits are projected to reach USD246.99 million in the current year.

Qatar’s largest service group, GLS, announced the completion of the acquisition, with expectations to contribute USD348 million and USD41.1 million of revenue and net profit, respectively, on account of the acquisition.

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