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FINANCIAL NEWS
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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