Qatar’s Gulf International Services says business unaffected by lower oil prices

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Oil prices have slumped by more than half from their June peak on oversupply fears, prompting concern among some investors in the Gulf's stock markets.
Oil prices have slumped by more than half from their June peak on oversupply fears, prompting concern among some investors in the Gulf's stock markets.

DUBAI: Qatar’s Gulf International Services (GIS) said on Wednesday its business was unaffected by lower oil prices as the company’s board recommended a cash dividend of 5.5 riyals ($1.5) per share for 2014.

The diversified holding company with interests in insurance, aviation, oil and gas and catering, said its contracts were based on fixed rates which had an average life of between three and five years.

Oil prices have slumped by more than half from their June peak on  oversupply fears, prompting concern among some investors in the Gulf’s stock markets about the impact on company earnings.

The company also said its board was recommending a cash dividend of 5.5 riyals per share for 2014. For the previous year, the company paid a cash dividend of 2 riyals per share and awarded one bonus share for every four shares held, according to a March 2014 bourse filing.

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