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GWC reports 10pc growth in H1 net profit

DOHA, July 22, 2018

Gulf Warehousing Company (GWC), a leading logistics provider in Qatar, posted an impressive rate of growth of 10 per cent in net profits during the first half of this year, achieving QR116 million ($31.85 million), compared to QR105 million ($28.83 million) during the same period in 2017.

The company also registered an increased revenue of QR622 million ($170.82 million) at the end of the period, said a statement from the company.

The company’s earnings per share also increased to QR1.97 ($0.54) in the first six months of 2018, a 9 per cent rise from 1.8 during the same period in 2017, it said.

GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani said: “We have positioned ourselves as an instrumental element of Qatar’s self-sufficiency plans, offering our unique level of expertise and wide spanning infrastructure, supporting the local economy and thereby realising our purpose; to continue as the provider of choice for logistics services in Qatar, and ensuring our shareholders the best possible returns.”

The company’s various divisions have taken decisive action to maintain optimal operations across the board, reviewing alternative routes, and leveraging the strength of its international freight network, in addition to providing express courier services as the authorised service contractor in Qatar for an international courier giant, said a statement.

The company was aided by increased activity for its freight solutions and contract logistics services offered at the Logistics Village Qatar (LVQ), the GWC Bu Sulba Warehousing Park, and the Bu Fasseela Warehousing Park, all forming part of its 3-million-sq-m of logistics infrastructure in the nation, it said.

The company’s confidence in the local market is evidenced by its continuing investment and development of new product lines to serve the Qatari economy, most recently with the launch of LEDD Technologies, it added.

The new technology provider that equips clients with the technology services and solutions needed to enable their business transformation needs, based on experience and skills recognised by Microsoft for its outstanding achievements in leading Qatar’s digital transformation, it stated. – TradeArabia News Service

Tags: | profit | growth | H1 | GWC |

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