Qatar’s Gulf International Services (GIS) said on Wednesday its business was unaffected by lower oil prices, Rueters has reported.
The diversified holding company with interest in oil and gas reported a cash dividend of $1.5 per share for 2014.
Oil prices have slumped by nearly 55% since their June peak, which has raised concern among some investors in the Gulf’s stock markets about the impact on company earnings.
GIS reported a 39% surge in net profit to $51.8mn in the first three months of last year, mainly aided by robust earnings growth from its drilling subsidiary.
“These record results can be mainly attributed to the ambitious growth plans in all segments, and most notably the group’s drilling joint venture, Gulf Drilling International,” said Dr Mohamed bin Saleh al Sada, Energy and Industry Minister and GIS chairman and managing director, the Gulf Times reported.
