GWC profit jumps 40% in Q1 on core operations gains

Robust gains in core operations helped Gulf Warehousing Company (GWC) report a 40% jump in net profit to QR28.9mn in the first three months of this year.

Revenue grew 18% to QR152.9mn; while direct costs rose slower at 13% to QR98.93mn; thereby leading to a 27% growth in gross profit to QR53.97mn, according to its financial statement filed with the Qatar Stock Exchange.

The company reported other income of QR0.05mn; while its staff costs surged 3% to QR8.82mn.

Operating profit grew 45% to QR37.38mn with general administrative costs showing a less than 1% fall to QR7.52mn and net impairment loss on trade receivables by 43% to QR0.3mn.

Net finance costs, however, surged 54% to QR8.48mn.

Total assets were valued at QR1.95bn comprising current assets of QR0.38bn and non-current assets of QR1.57bn.

Total equity stood at QR760.77mn on a capital base of QR475.61mn and earnings-per-share was QR0.61 at the end of March 31, 2014.