(MENAFN- The Peninsula) The Ordinary General Assembly of Gulf International Services (GIS) has approved the board of directors' recommendation to distribute a cash dividend of QR5.50 per share, representing 55 percent of the nominal share value, to the shareholders for 2014.
The meeting was held under the chairmanship of Said Mubarak Al Mohannadi, Vice Chairman of GIS. Speaking on behalf of the chairman H E Dr Mohammed bin Saleh Al Sada, the Minister of Energy and Industry, Al Mohannadi said the previous financial year stands as a distinguished and record-breaking year for GIS.
"After only seven years, GIS has achieved its 10-year anniversary targets with net profit of QR1.4bn-from less than QR0.5bn in 2008, total assets growing to QR11bn from only a third of that at the end of 2008, and more than 100 percent increase in total distributable cash," he said.
On the dividend distribution he said : "The Board of directors proposes a total annual dividend distribution of QR1bn, equivalent to a payout of QR5.50 per share, and representing 72 percent of the group's net profit. This total distribution equates to an increase of 244 percent versus the previous year's dividend, and is almost equal to the accumulated distribution of all previous years".
The excellent results were not due solely to the purchase of 30 percent of foreign interest in Gulf Drilling International; all segments have contributed positively to these excellent results, and have exciting plans to continue this impressive growth story.
In 2011, GDI adopted a growth strategy designed to further expand, diversify and modernise its fleet of drilling rigs to meet the evolving needs of its growing clientele in Qatar. In addition to expanding the offshore and onshore rig count by adding 6 more drilling rigs, the company has also diversified into providing accommodation barge and lift-boat services. And this fleet expansion is continuing: the company has 4 more assets currently under construction-namely, one offshore jack-up rig, two onshore rigs, and one lift boat that are due for delivery in 2015 and 2016.
With the addition of six helicopters in 2014, Gulf Helicopters' fleet has now expanded from 31 in 2008 to 50 at the end of 2014. And subject to prevailing market conditions, it is expected that 11 more helicopters will be deployed in the next five to six years, he said.
The Board's responsible and prudent decision in 2012 to acquire AMWAJ Catering Services Ltd has clearly added value to the group.
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