GWC shareholders approve disbursal of 10% cash dividend

GWC shareholders have approved the proposal to disburse cash dividends to shareholders of 10% of the nominal value, which translates into QR0.10 per share.
The annual general meeting of GWC shareholders Sunday ratified all the items on its agenda, the company said last night. The AGM was chaired by GWC chairman Sheikh Abdullah bin Fahad bin Jassem bin Jaber al-Thani.
The AGM also discussed and approved the Board of Directors’ report on the company’s activities and its financial position during the year, and the auditor’s report.
The general assembly also discussed the budget of the Group and approved it, as well as assigning the external auditor and setting their remuneration. It also approved to release the board members from liability, and distribute rewards to each member based on the evaluation of the board committees.
Furthermore, the AGM presented a comprehensive review of the Group’s compliance with the Corporate Governance Code.
GWC, besides the successful delivery of the logistics mandate for the FIFA World Cup Qatar 2022, has had a stellar year, with various accolades and milestones, which were highlighted during the general assembly.
The company was recognised as the “best customs brokerage company” and accredited as an Authorised Economic Operator (AEO) by the General Authority of Customs.
GWC also developed its existing partnerships and entered into new partnerships with strategic partners such as Ponticelli Frere Group, launched the "Delivering Glory" campaign in co-operation with CNN International and organised the second edition of GWC Forum entitled "Ready for the Game", which focused on micro, small and medium enterprises, with the participation of Hamad Bin Khalifa University, QNB and other partners.
GWC chairman Sheikh Abdullah stated, “In the wake of the successful delivery of the FIFA World Cup, we are observing more growth opportunities than at any other point in the history of GWC. We remain committed to our current investments, those of which are already yielding positive returns and I firmly believe that the future holds more promise for the company and its shareholders.”
Group CEO Ranjeev Menon commended the efforts put by the GWC team to deliver an unparalleled FIFA experience not only for the country but also for the world.
Menon said, “GWC team showed courage and determination in a very dynamic and challenging work environment for the FIFA World Cup. And I have no doubt that moving forward, through our partnerships, our commitment to sustainability and innovation, GWC will continue to be efficient, value-creating and resilient and achieve its ambitious objectives.”
For the company’s extraordinary assembly, the company presented some amendments to Article (13) of the AOA, as well as ratified all the items on the agenda.
The company achieved a net profit of QR240mn in 2022, compared to QR225mn in 2021, achieving a growth rate of 7%.