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FINANCIAL NEWS
Qatar’s GIS profit reaches USD 44.09mn
03 Aug 2016
(MENAFN) Gulf Intl’ Services (GIS) proclaimed its financial results for the first half of this year and posted a net profit worth USD 44.09mn, down by 73 percent from last year’s.
Additionally, the company, which is the largest services group in Qatar, announced that the revenues of it reached USD 0.43bn, down 30 percent.
However, the decrease was driven by the challenges viewed among all the segments due to the reduced level of activities and drop in contract rates.
GIS embarked on a number of initiatives, involving more rationalizing the costs jointly with optimizing the utilization of operating assets and the supply chain.
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CBB approves the transfer of the retail banking operations of HSBC Bank Middle East, Bahrain Branch to BBK
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