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Qatar’s GIS hits remarkable growth in 2014 net profit

03 Feb 2015

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

Net profit for the full year of 2014 increased to USD384.3 million, up from USD185.85 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 USD82.35 million.

The gain reflected a 30 percent share purchase in Gulf Drilling International on May 1, 2014. GIS said its board had proposed a cash dividend of USD1.50 per share for 2014. This compares with a recommended dividend of USD0.439 per share for the year before.

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