GWC Posts 10% growth in 2018 net profit to QAR237.5mn
Board recommended 19% cash dividend
GWC, Qatar’s leading logistics provider, concluded 2018 with a 10% surge in net profit to QAR237.5 million, as compared with QAR215.4 million in 2017. The Company’s Board has recommended 19% cash dividend to shareholders which is subject for approval during the company’s Annual General Meeting to be held on February 4, 2019.
Gross revenues of the company reached QAR1.232 billion at the end of 2018, in comparison with QAR 981.3 million earned at the end of 2017. EPS increased to QAR4.04 at the end of 2018, in comparison with QAR 3.68 at the end of 2017.
“Such an achievement reflects the success of our long-term strategy, while supporting Qatar National Vision 2030 in becoming a sustainable and diverse economy, and ensuring the best possible returns to our shareholders.” Stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al-Thani.
The year 2018 has been witness to a number of achievements within the company’s various departments, as GWC’ contract logistics, forwarding, transport, records management and projects departments have made major in-roads in developing contracts with clients in the oil and gas, government, FMCG, and retail sectors, while relocations, fine art, equestrian logistics scored high with clients locally and internationally.
The company also pursued new ventures by adding LEDD Technologies, a technology services and solutions provider aiding local business transformation, and launched GWC Marine operations, offering shipping agency services that meets the economy’s growing needs.
Meanwhile, as the authorized service contractor for UPS in the State of Qatar, and through its massive logistical infrastructure and human capital, GWC has been assigned the agent for UPS Supply Chain Solutions in Qatar.
“Our purpose-driven values of innovation and performance continue to propel us forward in 2018, maintaining and developing our position as the preferred logistics provider in the State of Qatar, and thereby ensuring the best possible returns for our shareholders,” stated Ranjeev Menon, Group CEO of GWC.
The company’s commitment to excellence was recognized by Microsoft and received the “Digital Transformation Award” for its outstanding achievements in leading the company’s digital transformation. GWC was also recognised by the Qatar Green Building Council for its efforts contributing to a greener lifestyle, sustainable development, and environmental protection both in Qatar and internationally.
MSC Lirica Maiden Call at Doha Port received by GWC Marine
GWC Marine LLC, a wholly-owned subsidiary of GWC (Q.P.S.C.), Qatar’s leading logistics provider, received the MSC Lirica’s Maiden Call at Doha Port on November 28, 2018.
To commemorate the event, a Crest Handing Ceremony was held by GWC aboard the vessel, with GWC Senior Director of Freight Forwarding Mr. Bobby George handing the crest to MSC Lirica Captain Raffaele Ponti, with representatives from GWC’s Top Management, and in the presence of the port and customs authorities, including Doha Port Assistant Manager Mr. Majed Youssef Al-Malki, Assistant Director of Sea Customs Mr. Ahmed Al Sahli, the Head Of Tourism Investment Policy Section Ms. Hend Al Naama, and Cruise Development Consultant Mr. Claudio Alejandro Kindsvater.
The MSC Lirica, a giant cruise ship owned and operated by MSC Cruises, holds a maximum capacity of 1,560 passengers and a crew compliment of approximately 732 members, docked at Doha Port for the first time, as the country promotes the growing tourism industry and maritime transport.
“We are glad to have this opportunity to further entrench the developing trust of major cruise lines such as MSC Cruises have in Doha Port,” stated GWC Group CEO Mr. Ranjeev Menon. “Through careful planning, anticipation, and coordination with various authorities, this Maiden Call has proceeded seamlessly, a strong indicator of agile teamwork.”
The revitalization of the Doha Port into a major cruise port in the region is expected to bring significant economic returns to companies, hotels, restaurants, retail, services and tourist attractions in Qatar. The independent redevelopment aims to transform Doha Port into a future hub port for cruise ships and luxury yachts of all sizes, all of which will require the best in shipping agency and agency services to ensure the success of the project.
GWC Marine LLC was formed under GWC in 2015 to offer shipping services that meet customers’ growing needs, which include full cargo agency, crew logistics, husbandry, transits, dry docking, bunker calls, protective agency, financial management and fully outsourced solutions managed through their service center hubs. The subsidiary benefits directly from its mother company’s vast experience earned managing freight operations in every port of call throughout the nation, by using the latest technology and infrastructure to manage and keep account of all cargo movement throughout the supply chain.
“We’d like to take this opportunity to thank all the stakeholders involved, who worked hard and in tandem to ensure a successful debut for MSC Lirica Maiden Call in Doha Port,” stated GWC Group CEO Mr. Ranjeev Menon. “Our shipping agency services is the latest expression of GWC’s sincere desire to fulfil every customer and client requirement by directly understanding their needs and offering a comprehensive and collaborative set of solutions capable of handling any project, no matter the size.”
About GWC Marine GWC Marine is a wholly owned subsidiary of GWC (Q.P.S.C), established in 2015 to offer shipping services that meet customers’ growing needs, which include full cargo agency, crew logistics, husbandry, transits, dry docking, bunker calls, protective agency, financial management and fully outsourced solutions managed through our service center hubs. GWC Marine benefits directly from its mother company’s vast experience earned managing freight operations in every port of call throughout the nation, the latest technology and software used to manage and keep account of all cargo movement throughout the supply chain, and the vast infrastructure located strategically for rapid response, with the capacity required to handle any project no matter the size, all of which have made GWC industry leaders in the region.
About MSC Cruises Part of the MSC Group is the Swiss-based, world’s largest privately-owned cruise line and brand market leader in Europe and South America, sailing year-round in the Mediterranean and the Caribbean. MSC Cruises employs 23,500 people worldwide and having offices in 70 countries. The cruise-line holds a 7.2% share of all passengers carried in 2017.