Gulf Warehousing Company: Charging Upward and Onward in Q3 2013
Gulf Warehousing Company (GWC) continues its steady march forward, with net profits in the first three quarters of the fiscal year 2013 reaching 74.8 million QR, indicating a growth of 25% from QR 60.1 million attained in the same period of 2012. Among the company’s high grossers were the contract logistics and freight forwarding department, whose efforts in the market earned them exclusive deals with some oil and gas industry giants in the state of Qatar. Demand for records management and relocation services also continue to perform well, bringing the combined net revenues of the company’s different service vectors to 399 million QR, another strong increase of 12% from last year’s figure of 355 million QR during the same period.
This bullish performance within the company has underlined the market’s trust in the company’s capabilities and experience. This in turn has allowed the company to expand in a variety of ways, such as the addition of a new facility to the Messaieed location, which continues to service the Oil and Gas sector among others with the most specialized and up-to-date storage solutions available.
The Logistics Village Qatar (LVQ) continues to seek market dominance, pushing forward with its fourth expansion phase after it completed its master plan this past April 2013. Reservations for storage space in the Phase 4 facilities are nearly completely filled in anticipation of the May 2014 completion date, due in large part to the one-stop-shop nature of the LVQ, simultaneously offering a variety of warehousing solutions, including refrigerated, chilled, and dry storage; a fully autonomous, highly accredited date center; as well as accommodation and shopping facilities for both the on-site LVQ employees and the Doha Industrial Area at large.
Through such an aggressive commitment to expansion and client accrual, the company saw an increase in assets from 1.579 billion QR in December 2012 to 1.798 billion QR at the end of September 2013, a gain of 14%. Chairman of GWC Fahed bin Hamad bin Jassem Al-Thani stated, “By strengthening our existing product and service line, the company continues to march onwards to greater and better things, serving the interests of our shareholders and ensuring the continuation of our aspirations and our mission in the long-term”.