GIS Net Profit Rises 58 to QR463.7 Million in First Half of 2014

7/24/2014 3:27:05 AM

(MENAFN- Qatar News Agency) Ha July 22 (QNA) - Gulf International Services (GIS) gains a record half yearly net profit of QR463.7 Million up 58% on QR170.6 Million in first half of 2014.

GIS the largest service group in Qatar with interests in a broad cross-section of industries ranging from insurance re-insurance fund management onshore and offshore drilling accommodation barge helicopter transportation and catering services closed the first half (H1) of this year with a record revenue of QR1.59 Billion.

In a press release issued here today HE the Minister of Energy and Industry Dr. Mohamed bin Saleh al-Sada also chairman and managing director of Gulf International Services said "These record results can be mainly attributed to the ambitious growth plans in all segments but most notably within the drilling segment where significant progress was made towards completing that segment’s medium-term business expansion strategy."

Al-Sada said "Gulf International Services continued its excellent progress from the first quarter. I am confident that with the company’s strong fundamentals and exciting and ambitious capital investment plans the company will continue to grow and meet shareholders’ expectations." Gulf International Services Chief Co-ordinator Ebrahim Al-Mannai said: "Significant achievements were noted during the second quarter of 2014 in three critical areas increasing GIS’ ownership interest in Gulf Drilling International business development initiatives and extensions for expiring onshore drilling contracts. With regard to increasing the group’s equity interest in GDI GIS completed the buy-out of Japan Drilling Company Limited's 30% shareholding in Gulf Drilling International for a total consideration of $157.7 Million resulting in GDI becoming a 100% subsidiary of GIS with effect from May 1 2014. The buy-out contributed an additional profit of QR40 Million for two months period that ended in June. (QNA)

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.