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GWC’s full year net profit grows 32% to QR185m

GWC’s full year net profit grows 32% to QR185m

DOHA: GWC, Qatar’s leading logistics provider, concluded the year 2015 with a strong and stable rate of growth of 32 percent in its net profits, achieving QR185m compared to QR140m by the end of 2014.

The company’s revenue streams had an equally consistent rise, with total revenues peaking at QR787.9m at the end of 2015, a solid 20 percent increase from QR656.9m in 2014. Earnings per share rose to QR3.89 by the end of 2015, shaping an increase of 32 percent compared with the 2014 results of QR2.95.

GWC Board of Directors has recommended a 15 percent dividend be distributed to the shareholders, which will be presented for approval during the company’s Ordinary Assembly General Meeting to be held onFebruary 14. The board also approved a recommendation to increase the company foreign ownership limit to 49 percent from the current level of 25 percent, which shall also be presented for approval during the Extraordinary Assembly General Meeting to be held on the date above.

“Thanks to the business strategies we have developed, as well as the strong foundations formed by our robust infrastructure and our human capital, the company stands strong today,” stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani (pictured). “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.”

The company’s asset base grew steadily throughout 2015. The company reported an annual growth rate of 42 percent in total assets, rising to QR2.980bn in 2015 in comparison with QR2.102bn in 2014, where the RLIC West Side Service Area (WSSA) facility is nearly complete, and is on schedule to be operational in Q1, 2016, offering 15,000 sqm warehouse with specialized HAZMAT logistics specifications, in addition to open yard, bulk, and ISO Tank storage in the remainder of the facility. The Phase V development at the LVQ is also well under way, offering two new distribution centers, accommodation buildings, and a mosque to be launched in Q2, 2016.

The company has also dedicated itself to rapidly develop the GWC Bu Sulba Warehousing Park, supported by Manateq, and is well on schedule to deliver the facility in Q1 2017, with leveling and compacting operations completed, and construction of the infrastructure and superstructures underway.

The company’s various service offerings meanwhile ensured reliable revenues throughout the year, with GWC’s contract logistics, freight forwarding, RMS and IMRS particularly capturing the majority of the market share in Qatar, scoring 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 during 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.

Further contributing to Qatari society, GWC participated in a number of charity and volunteering events both locally and internationally, relying on strategic partnerships with specific social responsibility organisations.

“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,” said Sheikh Abdulla. “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.”