Gulf Warehousing Company (GWC), a leading logistics provider in Qatar, has reported net profits of QR205.7 million ($56.4 million) in 2016, representing an increase of 11 per cent in comparison with QR185.2 million ($50.8 million) in 2015.

GWC also approved the distribution of dividend to shareholders at a rate of QR1.6 ($0.46) for each share, or 16 per cent of the nominal value of the company’s shares, during the company’s recent Ordinary Assembly General Meeting, said a statement from GWC.

The dividends will be distributed either through direct deposit on February 7, or by visiting the designated branches of Masraf Al Rayan from February 8.

The meeting was chaired by GWC chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani, and was attended by representatives of the Ministry of Economy and Commerce, GWC’s external auditors KPMG, and the company’s shareholders.

In addition, the assembly heard a thorough review of the company’s compliance with the Corporate Governance Code observed in Qatar, as well as the assignment of KPMG as the appointed external auditor.

The general assembly also cleared the company’s board members of any possible liability, setting the proper remuneration for the board.

Al Thani said: “We remain committed to delivering the best solutions and logistical infrastructure, partnering with our nation in our collective quest for achieving the goals of Qatar National Vision 2030.”

“We are confident that in doing so, we will remain on the path towards continued growth in the near and far future, God willing.”

The general assembly has gathered following a year of achievement for the company. The GWC Bu Sulba Warehousing Park has completed construction works and is in the process of handing over the warehouses to the tenants. Phase V of the LVQ and the WSSA warehouse in the Ras Laffan Industrial City hub have both launched operations in 2016.

GWC Contract Logistics expanded on a number of their contracts, completing the roll-out of several programmes it had begun for clients in the health, retail and telecom sectors.

GWC Forwarding held on to its position as the leading freight forwarder in Qatar, and enhanced value for its clients’ projects by offering new products that reduce turnaround time for many shipments. GWC Records maintained its client retention record while adding clients among ministries, government authorities and financial institutions.

Meanwhile, GWC relocations, fine art, and transport expanded on the types of services they offer while making significant contributions to the company’s revenues.

The company has maintained its growth by increasing its operational efficiency, improving its profit margins, and actively seeking new revenue streams, drawing in gross revenues of QR849.5 million ($233.3 million) at the end of 2016, representing 8 per cent increase from QR787.9 million ($216.3 million) in 2015, said a statement.

The company’s assets continued to develop, with total assets reaching QR3.741 billion ($1.03 billion) by the end of December 2016, compared with QR2.981 billion ($818.7 million) at the end of December 2015, representing a 26 per cent growth.

Al Thani added: “We have maintained a certain rhythm as we evolved over the last twelve years, growing from an exclusively warehousing company to the provider of the largest range of fully-integrated logistics solutions in the Qatari market and beyond.”
 
“The company will continue to rely on the strength and stability made possible by our robust infrastructure and by our highly skilled and loyal employee base as we set our strategies for the future,” he concluded. – TradeArabia News Service