Gulf Marine Services Faces Setback in Saudi Tax Appeal

Gulf Marine Services ( (GB:GMS) ) has issued an update.

Gulf Marine Services PLC announced that its appeal against a tax assessment by the Saudi Zakat, Tax and Customs Authority has been denied, with no further appeals possible. The judgment may delay the company’s target leverage ratio, but it maintains its EBITDA guidance for 2025 and 2026. The company had previously made provisions for this outcome, and the financial impact will be reflected in its statements. Despite this setback, GMS continues to focus on its operational performance and financial targets.

Spark’s Take on GB:GMS Stock

According to Spark, TipRanks’ AI Analyst, GB:GMS is a Outperform.

Gulf Marine Services demonstrates a solid overall stock score driven by strong financial performance, robust valuation, and positive corporate events. The company’s strategic positioning for growth and stable technical indicators contribute to a favorable outlook, with the stock appearing undervalued and offering potential for upside.

To see Spark’s full report on GB:GMS stock, click here.

More about Gulf Marine Services

Gulf Marine Services PLC, founded in Abu Dhabi in 1977 and listed on the London Stock Exchange, is a leading provider of advanced self-propelled self-elevating support vessels (SESVs). The company serves the offshore energy industries with a fleet of 14 SESVs, which are among the youngest in the industry, from its offices in the United Arab Emirates, Saudi Arabia, and Qatar. GMS’s vessels support a wide range of offshore activities, including platform refurbishment, maintenance, and wind turbine installation, across various global regions.

Average Trading Volume: 2,547,269

Technical Sentiment Signal: Strong Buy

Current Market Cap: £203.4M

See more insights into GMS stock on TipRanks’ Stock Analysis page.