Shareholders of Gulf International Services (GIS) yesterday approved the Board’s recommendation for a dividend payment of QR1 per share, representing 10 percent of the nominal share value.
The Company held its General Assembly yesterday and the Board of Directors present its 9th report on the operational and financial performance of GIS, the largest services group in Qatar with interests in a broad cross-section of industries, ranging from insurance, re-insurance, onshore and offshore drilling, accommodation barge, helicopter transportation, and catering services.
Financial Results Revenue Group revenue for the year ended December 31, 2016 was QR3bn, representing a significant decrease of QR1.2bn, or 28 percent, over last year. Revenue in the drilling segment for the year ended December 31, 2016 was at QR1.2bn compared to QR1.8bn in the previous year.
Net Profit Net profit for the year closed at QR67m, a year-on-year decrease of QR734m, or 92 percent, compared to QR801m net profit reported for the previous year .This year-on-year decrease was primarily driven by Drilling segment.
The year-on-year net profit variance in the Drilling segment of QR643m, or 149 percent , was driven by a number of factors including lower daily rates, major assets being off contract and impairment of an asset.
