GWC 9-month net profit jumps 32% to QR135.1mn
October 21 2015 10:40 PM

Sheikh Abdulla: Consistent rate of returns.

Qatar’s leading logistics provider Gulf Warehousing Company (GWC) has posted a “healthy” 32% growth in its nine-month net profit, achieving QR135.1mn in September compared with QR102.4mn in the same period last year.
The company’s revenue streams also saw an “equally consistent” rise, with total revenues peaking at QR607.9mn in the first nine months of this year, a 20.3% increase on the same period in 2014.
Earnings per share (EPS) rose to QR2.84 during this period, registering an increase of 32% compared with QR2.15 in 2014.
GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-Thani said, “Such a consistent rate of returns, and the stability that we have been able to maintain during a time change, is a sign of solid leadership and resilient infrastructure. It is with such sure footing that we can ensure the accomplishment of our purpose, and continue to foster the drive and tenacity to innovate and deliver, remaining the provider of choice for logistics services in Qatar, and thereby ensuring our shareholders the best possible returns.”
For assuring the continuity of operations and expansion plans, the company has taken the decision to increase its capital by offering new shares and raising QR458mn.
GWC’s board of directors had the increase approved during the extraordinary general assembly meeting held in September. The subscription period for eligible shareholders starts November 8 and ends on November 25.
GWC’s achievements were the collective efforts of the company’s departments, wherein the Sports Logistics has had a very active quarter; handling several major sporting events and providing them with customs clearance, venue management, manpower, equipment, and truck provision, and 4PL warehouse management.
Meanwhile, Equestrian Logistics has landed two public tenders for as many major international equestrian events taking place in Qatar.
Additionally, GWC Fine Art’s partnership with Constantine is continuing to yield results, both with regularly scheduled art exports and imports, as well as in executing major shows in the country.
GWC’s Bu Sulba Logistics Park has “finalised” the levelling and compaction stage, with design and construction in the mobilisation stage, and the features and designs for individual buildings being finalised.
The company is also continuing its expansion plans steadily with the Logistics Village Qatar (LVQ) Phase 5 expansion, on schedule at 60% completion rate.
The construction of the additional 15,000 sq m warehouse at the Ras Laffan Industrial City with specialised ‘Hazmat’ logistics specifications and capabilities are 90% complete, and expected to be operational by the first quarter of 2016, GWC said.
Established in 2004, GWC is one of the largest supply chain service providers in the region, offering warehousing and distribution, hazmat logistics, freight forwarding, project logistics, sports and event logistics, fine art logistics, supply chain consulting, transportation management, asset management, records management, and moving and relocation services to various industry verticals.

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