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Gulf International Services posts record-high profit in Q3

by ChemOrbis Editorial Team - content@chemorbis.com
  • 22/10/2014 (13:17)
Qatar’s Gulf International Services announced its financial results for the first nine months of 2014, according to a press release on the company’s website. The company posted record high revenue and net profit results on a quarterly basis in the third quarter of 2014. The company’s net profit climbed 70% to reach QR 0.8 billion ($220 million) while its revenue posted a 60% increase to reach QR 2.7 billion ($741 million).

The company’s revenue for the three quarters of the year through September recorded a significant increase of QR 1.0 billion ($275 million), indicating an increase of around 60% compared to the same period of the previous year. The company cited deployment of new drilling assets and extensions for three offshore contracts during 2013 and 2014 as the main reasons behind the increases.
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