GIS Intends to Invest QAR 1.1 Billion Over the Next 5 Years

Doha, February 26 (QNA) - Gulf International Services (GIS) said in expects to invest QAR 1.1 billion over the next five years. Much of these investments are aimed to respond to the challenges on improving the efficiency and reducing operating costs so that the group will continue to remain competitive. This came in a speech of HE Sheikh Khalid bin Khalifa Al-Thani, Chairman of GIS, before the company's General Assembly meeting. "I am sure GIS can continue to remain as the flag ship service provider especially in the oil and gas sector within the region," he added. GIS said in a statement today that the company's Board of Directors recommended a dividend distribution for the year ended December 31, 2016 equivalent to a payout of QR 1.0 per share. For his part, GIS Managing Director Ebrahim Ahmad Al Mannai said: "While GIS group companies witnessed significant challenges in 2016 mainly due to the notable downturn in the crude oil prices, the group was nevertheless able to withstand the challenges to post a net profit of QAR 67 million in 2016 with groups total assets exceeding QAR 11.1 billion." "The group was also able to generate positive cash flows of QAR 0.3 billion," he added. GIS General Assembly has approved all the items on its meeting agenda including the group's consolidated financial statements for the financial year ended December 31, 2016 and the 2016 Corporate Governance Report. The Extraordinary General Assembly meeting approved the proposed Amendments to the company's articles of association. (QNA)