Qatar’s leading logistics provider GWC has seen a 15% jump in its first-quarter net profit to QR46.5mn, the company said yesterday.
In the first quarter of 2015, GWC had earned a net profit of QR40.4mn.
The company’s revenue streams had an equally consistent rise, with total revenues peaking at QR220mn at the end of the quarter, a 14% increase from QR192.3mn in 2015.
The company’s assets continued to grow and reached QR3.07bn in March compared with QR2.98bn at the end of December 2015, representing a 3% growth.
GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-Thani, “Every effort has been taken to ensure that the company moves in line with the direction taken by the nation, so we may continue to grow organically within the currently provided environment, directly serving its needs.
“Our commitment to the diversification of the economy and the tenets of the Qatar National Vision 2030 provide us the direction needed as we strive to achieve our purpose, remaining the provider of choice for logistics solutions in Qatar, and thereby ensuring our shareholders the best possible returns.”
On the operational side, GWC said the RLIC West Side Service Area (WSSA) facility was completed on schedule, and made operational in Q1 2016, offering 15,000sq m warehouse with specialised HAZMAT logistics specifications. This is in addition to open yard, bulk, and ISO tank storage in the remainder of the facility.
The Logistics Village Qatar Phase V development is nearing completion and will offer a new 17,500sq m distribution centre, two “accommodation buildings”, and a mosque by June. A second 28,000sq m warehouse is to be launched by end-August.
The GWC Bu Sulba Warehousing Park, meanwhile, has achieved several important milestones, completing 40% of construction operations at the site, while boasting an impressive safety record. The company recently honoured one of its contractors for “1mn man hours without lost time injury,” ensuring GWC’s commitment to the highest standards of quality, health, safety, and environment.
For its continued commitment to excellence in performance and service provision, the company was recognised by a number of international transport sector parties in the first quarter of 2016. International market research consultants Frost and Sullivan named GWC “Leading domestic logistics service provider - 2016” for the second year in a row.
Sheikh Abdulla added, “GWC values performance at every level of the organisation, and it is therefore gratifying to note that our company has fulfilled our vision of providing the most comprehensive solutions backed by a robust infrastructure, and will continue on our way to be the logistics service provider of choice, and 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.”
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