(MENAFN- Gulf Times) GIS posts Q1 net profit of QR355.7mn Gulf International Services (GIS) has posted a first quarter net profit of QR355.7mn, compared with QR188.6mn in the same period last year, the company said last night.
The company's total assets stood at QR10.9bn in Q1, compared with QR10.8bn in December last year. The earnings per share (EPS) were QR1.91 in the first quarter of this year compared with QR1.01 in the same period last year.
GIS has significant investments in national and international oil and gas industry, including well support services, offshore and onshore drilling services, helicopter maintenance and transportation services, insurance and reinsurance services.
GIS is the holding company of Al Koot Insurance and Reinsurance Company, Gulf Drilling International, Gulf Helicopters Company and Amwaj Catering Services.
Gulf International Services was incorporated as a Qatari shareholding company in February 2008 by Qatar Petroleum (QP).
Rules revised to include LLC (G) firms in QFC's environment
The Qatar Financial Centre Authority (QFCA) has enlarged the scope of its companies' regulation and rules to include limited guarantee entities with a view to foster private sector development in the country.
This update aims to further diversify the QFC platform to welcome companies limited by guarantee LLC (G); a new legal entity that will broaden the QFC environment and facilitate a wider range of business activities.
The latest alteration to the QFC regulations will enable structures as social enterprises, non-profits and non-governmental organisations to set-up in Qatar's rapidly growing and diversifying economy.
The introduction of LLC (G) will also help broaden the QFC platform to facilitate private sector activities where a traditional company limited by shares would not be appropriate. The newest addition to the QFC's companies regulations follow a 30-day public consultation period on the proposed amendments in which several QFC and non-QFC entities participated.
The expansion was later approved by the QFCA board and enacted by HE Ali Sherif al-Emadi, Minister of Finance, in accordance with QFC Law.
Tasked with ensuring the consistent diversification of the Qatari private sector, the QFC has endeavoured to enlarge its offering to best address the key private sectors needs of the Qatari economy, according to QFCA deputy CEO Yousuf Mohamed al-Jaida.
"We will continue to strategically explore new entities and structures that will positively impact Qatar's diverse economic plans and pursue their implementation in Qatar," he said.
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.