GWC 2015 net profit jumps 32%

Driven by its business strategies and a robust infrastructure, Qatar’s leading logistics provider GWC posted a net profit of QR185mn in 2015, up 32% on the same period last year. The company had earned a net profit of QR140mn in 2014.
GWC’s revenue streams had an equally consistent rise, with total revenues peaking at QR787.9mn at the end of 2015, up 20% on QR656.9mn registered in 2014.
Earnings per share (EPS) rose to QR3.89 in end-2015, representing an increase of 32% compared with QR2.95 in 2014.
GWC board of directors has recommended a 15% dividend to be distributed to shareholders to be approved at the company’s ordinary general assembly meeting to be held in Doha on February 14.
The board also “approved a recommendation” to increase the company’s foreign ownership limit to 49% from the current 25%, which shall also be presented for approval at the February 14 meeting.
GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-Thani said, “Thanks to the business strategies we have developed, as well as the strong foundations formed by our robust infrastructure and human capital, the company stands strong today.
“Our commitment to the tenets of the Qatar National Vision 2030 provides us with the direction needed to achieve our purpose; remaining the provider of choice for logistics services in Qatar, and thereby ensuring the best possible returns for our shareholders.”
GWC said the company’s asset base “grew steadily” throughout 2015. The company reported an annual growth rate of 42% in total assets, rising to QR2.98bn in 2015 compared with QR2.1bn in 2014.
It said the RLIC West Side Service Area (WSSA) facility is nearly complete, and is on schedule to be operational in the first quarter of this year. This facility will offer 15,000sq m warehouse with specialised ‘Hazmat’ logistics specifications, in addition to an open yard, bulk, and ISO tank storages in the remainder of the facility.
The ‘Phase V’ development at the LVQ is also well under way, offering two new distribution centres, accommodation buildings, and a mosque to be set up in the second quarter of this year.  
GWC said it has also dedicated itself to rapidly developing the GWC Bu Sulba Warehousing Park, supported by Manateq.
This is well on schedule to be delivered in the first quarter of 2017, with levelling and compacting operations having completed, and construction of the infrastructure and superstructures underway.
The company’s various service offerings meanwhile ensured “reliable revenues” throughout the year, with contract logistics, freight forwarding, RMS and IMRS particularly capturing the majority of the market share in Qatar, securing key contracts in a variety of industries in both the public and private sectors.
The company’s other offerings also “performed strongly”, with GWC Sports delivering the logistical requirements for nearly all the major sporting events in Doha in 2015, as well as the newly added GWC Equestrian solutions.
“The addition of courier services run by UPS in Qatar has been achieving its targets,” GWC said.
“As a Qatari shareholding company, and a corporate citizen, we work hard to ensure that the company moves in line with the direction taken by the rest of the nation,” Sheikh Abdulla said. “We will work diligently to find all opportunities for development and growth within the current economic climate, thereby recompensing our stakeholder’s investment and trust in us.”