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GWC reports $64.82m net profit for 2020

DOHA, January 26, 2021

GWC, a leading provider of logistics and supply chain solutions in Qatar, has reported a net profit of QAR236 million ($64.82 million) for the financial year 2020 , with gross revenues reaching QAR1.233 billion at the end of 2020, and EPS at QAR0.40 by the end of the same period. 
 
The company's board has recommended 10% cash dividend to shareholders which is subject for discussion and approval during the company’s Annual General Meeting scheduled to be held on February 15, 2021. 
 
“We are pleased with our performance this year, we will point back in the future to 2020 as a year in which Qatar stood stronger, more diverse and more resilient as a nation, God willing. Thanks to everyone who entrusted GWC to meet this year’s challenge and prove that we have the ability to stretch our capacities and deliver under the most difficult circumstances,” GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani stated.
 
“We present our gratitude to the frontline workers, not only in hospitals and public health care centres, but also those working in the service industry, from the top of the pyramid to the bottom, whether at the ports, the warehouses, and everywhere else. Their work has maintained the nation’s progress, and we appreciate the commendable sacrifices, and hope we may, in our simplest of ways, have performed our duty in this pursuit, and look forward to a world blessed with peace and safety in the coming years,” he added.
 
In an unprecedented year, the logistics sector shone through as a critical infrastructure ensuring the continuity and safety of the nation and its economy. As the leading logistics provider in Qatar, GWC has succeeded in supplying the public and private sectors in Qatar with lean, reliable and global standard logistics solutions that have kept the country moving.
 
Ensuring business continuity
Facing incredible challenges common to businesses around the world, not least in the area of import and distribution, GWC was able to succeed in 2020 by drawing on its experience with crises – particularly the disruption of the 2017 blockade. Facing the pandemic challenge head-on, GWC quickly employed its business continuity plan which ensured that urgent requirements such as shipping, transporting, storing, distributing, and managing assets including medical equipment, pharmaceuticals and personal protective equipment (PPE), essential food security products and other vital goods were handled in accordance with international standards and regulations, the company said.
 
GWC also ensured a quick response to the extraordinary circumstances in the Industrial Area in the early days of the pandemic. The company was able to coordinate closely with authorities to evacuate client goods behind lockdown lines to ensure business stability.
 
Supporting the local business community, GWC provided discounts on rentals and offered special customs clearance and transport services for SMEs in the GWC Bu Sulba Warehousing Park working in the health care and food security sectors. The company also offered six-month waivers on rents to the retail outlets and rental discounts offered for 9 months to all SME clients at the GWC Bu Sulba Warehousing Park, it said.
 
Ending the year on a high note, GWC underlined its critical role in the nation’s medical cold supply chain, ensuring the safe delivery of the Covid-19 vaccine from airport to injection site, as the Authorized Service Contractor of UPS in Qatar.
 
Commitment to growth
GWC’s investment in infrastructure mirrors that of the government, which has developed new ports, new warehouses and new transport modes to meet growing demand in the country. Coupled with increasingly sophisticated technical and software integrations, these investments will ensure that new challenges will be met seamlessly. GWC will expand beyond its over 3 million sq m of logistic footprint and 250,000 pallet locations to meet increasing demand, where most of the supply is shipped through GWC’s network, leveraging the company’s access to two of the largest worldwide freight, supply chain, and express courier networks in the world. It’s fleet of over 1,200 specialised vehicles and 19 strategic locations makes it the number one logistics provider in Qatar.
 
At the close of the year, GWC inaugurated its regional logistics hub and UPS Customer Center in the Ras Bufontas Free Zone, becoming the first logistics provider to operate out of the first Free Zone in Qatar, and underlining its commitment to improving the logistics and business infrastructure of the nation. The newly established UPS facility will benefit from its proximity to the Hamad International Airport and advanced sorting machinery to make significant improvements to its efficiency and operations.
 
Promising future
GWC offers its solutions to companies ranging from entrepreneurs to small, medium, large, and multinational firms, while understanding that SMEs will be a major engine of growth for the country. Sectors served include light industry, food, sports, retail, hospitality, oil and gas and others, which demand smart, integrated, and cost-effective solutions bespoke to their needs.
 
“The aims of the nation haven’t changed in the face of the pandemic,” stated GWC Group CEO  Ranjeev Menon. “With drastic impact of this crisis on world markets, we see more than ever that small and medium enterprises will power Qatar’s economic growth and diversification, and that a strong and healthy logistics sector can be the backbone to support that growth,” he added. 
 
Game on
GWC was announced as the first Regional Supporter and Official Logistics Provider for the FIFA World Cup Qatar 2022. This is a proud moment for all GWC employees and stakeholders and a commitment to doing our part in supporting this national objective; showcasing to the world what the capabilities of Qatar as the host nation for the largest sporting event in the planet. 
 
“At GWC, we have always insisted on following industry best practices in quality, health and safety while delivering our services in a timely manner, keeping in mind the environment we operate within,” Menon stated. 
 
Experience in supporting FIFA and the Supreme Committee with the last edition of FIFA Club World Cup™ provided the company with valuable knowledge. In 2019, GWC Sports & Events Logistics delivered logistical requirements for all facets of the international tournament, including the seven participating clubs from Brazil, England, Mexico, New Caledonia, Saudi Arabia, Tunisia and Qatar. This included working closely with European giants Liverpool and South American powerhouse Flamengo – the tournament finalists.
 
With Qatar hosting the next edition of the FIFA Club World Cup in February 2021 and the FIFA Arab Cup towards the end of 2021, GWC is sure to use those opportunities to test their Qatar 2022 capabilities and deliver an amazing experience at the tournament, the company said. - TradeArabia News Service



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