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Gulf International Services Net Profit Up 46% in 2013

February 24, 2014



Doha, February 24 (QNA) - Gulf International Services Company (QE: GISS) has announced a net profit of QR 677 Million for the financial year-ended December 31, 2013, an increase by 45.81% compared to QR 464.3 Million in 2012.

This is the company's best financial results on record. Its Earnings per Share (EPS) amounted to QR 4.55 in 2013 compared to QR 3.12 in 2012, according to Qatar Exchange. Its revenue is up 47.1% to QR 2.3 Billion.

The board of directors has recommended the distribution of QR 2 per share as cash dividend, representing 20% of the nominal value of the share.

The board also recommends to the Ordinary AGM the distribution of 25% bonus shares.

"The strong performance is due to impressive growth in all segments," the GIS said.

In a statement to QE, HE the Minister of Energy and Industry and Chairman and Managing Director of GISS, Dr. Mohammed bin Saleh Al Sada, said, "The GIS group exceeded expectations in 2013 and closed the year with record results.

"These are the highest year-end results since inception and a remarkable achievement in the group's short history. This positive growth reiterates our historical commitment to the goal of maximising shareholders' wealth. These strong results were aided by the ambitious growth plans in all segments, and the acquisition last year of Amwaj Catering Services Limited." GISS business interest are in insurance, re-insurance, fund management, onshore and offshore drilling, accommodation barge, helicopter transportation and catering services.

The company's wing, Gulf Drilling International deployed two new high specification, premium offshore rigs. The first, Al-Jassra, joined the fleet in May 2013, and the second, Leshat, started operations in December 2013, a senior official said.

GDI signed a five-year contract with a major oil company operating in Qatar for the utilisation of this rig. GDI's ninth offshore rig, Dukhan, is its third new, high specification, premium rig ordered in the last two years. It is expected to arrive in Qatar in the fourth quarter of 2014, the official added. (QNA)


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Source: Qatar News Agency


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