By: Eslam Salem
Doha – Mubasher: Gulf International Services Company is intending to expand its footprint regionally this year, the chairman said on Wednesday.
During the company's ordinary general meeting, Chairman Khalid bin Khalifa Al Thani added that his company is studying possible expansions in neighbouring countries and Africa.
However, he declined to define the target markets till studies are fully completed.
"We will work this year on developing our local projects… Based on our future aspirations and current economic conditions, we don't expect strong earnings for 2016, but we anticipate satisfactory financial results and profits for shareholders in 2017," said the chairman.
According to the top official, the company's operations were negatively affected by the drop of oil prices, as it relies by 80% on oil and gas. Operations were also weighed by tensions in Yemen.
The company's shareholders endorsed on Wednesday the board's proposal for distributing cash dividends for the fiscal year 2015 at 10% of the stock par value, or QAR 1 per share.
The company's ordinary general meeting also ratified balance sheet and profit/loss statement for FY15.
The company earlier posted a 43.2% decline in FY15 net profit to around QAR 801.4 million, down from QAR 1409.8 million in FY14.
Translated by: Sayed Abdel Rahman
