Qatar’s Gulf International Services (GIS) on Tuesday reported a 108.4% increase in net profit last year after strong growth in the company’s drilling sector and a one-off non-cash accounting adjustment. Net profit for the full year of 2014 rose to 1.4 billion Qatar riyals (Dh1.4 billion), up from 677 million riyals the year before, it said in a statement. The company said the growth was driven by expansion across all business units, especially in drilling, and a gross one-off non-cash accounting adjustment for 300 million riyals.

The gain reflected a 30 per cent share purchase in Gulf Drilling International on May 1, 2014. GIS said its board had proposed a cash dividend of 5.5 riyals per share for 2014. This compares with a recommended dividend of 1.6 riyals per share for the year before.

Source: Gulf News