Gulf Warehousing Company delivers 30% Growth in Net Profits during the first half of 2014
Gulf Warehousing Company Q.S.C. (GWC) has announced strong financial results for the first half of 2014, with Net Profits reaching QAR 67.7 million, compared to QAR 52.0 million reported in the same period last year, mounting an impressive 30% growth. The company has netted significant gains in Gross Revenues, soaring to QAR 334.6 million in the past six month of the year, a marked increase of 28% from QAR 261.4 million reported in the first half of 2013. The company continues to reinvest in itself, bringing its Total Assets to QAR 2.027 billion, a QAR 148 million increase from last year’s QAR 1.879 billion at the end of the same period. Meanwhile, Earning Per Share enjoyed a remarkable increase at QAR 1.42 per share representing a rise of 29% compared to the same period in 2013.
“Our constant dedication and deployment of strategic plans as well as earning a reputation as the 3PL solution provider of choice has assured the company’s ability to constantly provide strong return on investment,” stated GWC’s Chairman of the Board Sheikh Abdulla bin Fahad bin Jassem bin Jaber Al-Thani. “This rapid rise in our earning potential and asset base proved that we are on the right track for growth and advancement in the local market.” He added.
This period has been notable for the company’s different departments, where Freight Forwarding operations witnessed an increase in Operational Revenues attributed to contracts struck with major Oil and Gas, Petrochemicals, and Aviation clients. Moreover, it is noteworthy that the opening of the new Hamad International Airport has also increased the volume at which cargo can be moved, as well as supporting the company’s ongoing efforts to provide charter services to its clients.
Contract Logistics too experienced a strident growth in their yields, as the team gains more experience in the needs and requirements of GWC’s clientele benefiting from the upward learning curve of their operation, in addition to the increase in the company’s warehousing infrastructure.
At the transport management front, the company was able to meet the increasing demand in the market posed by the aspiring number of projects underway in Qatar through use of its transportation fleet, one of the largest in the country at 1,171 vehicles.
Additionally, Records Management Solutions continue to capitalize on their local reputation for efficiency and accuracy in delivering their service, and have acquired as clients the majority of banks and Government institutions in Qatar, among others, leading to a distinct increase in their sales revenue.
Among the company’s major accomplishments include the upcoming completion of phase four in the Logistics Village Qatar (LVQ), which will add 81,000 square meters of additional storage and distribution infrastructure to the facility’s total capabilities. These newly developed facilities have already been fully pre-reserved through reputation and brand recognition alone. The truest testament to GWC’s determination and prudent management, the 1-million square meter LVQ offers one-stop-shop logistics infrastructure in the state of Qatar. As one of the largest concentrations of logistics services in the GCC and the region, the LVQ has offered its services to local, regional and international corporations and logistics providers, and established a plug-and-play infrastructural solution catering to their logistical needs. The original master plan was completed in three phases with each phase becoming immediately operational upon completion, while the additional phase four expansion is expected to be operational during the third quarter of the year.
GWC is a Qatari shareholding company and is the leading provider of integrated logistical services in the State of Qatar. Established in 2004, the company is in the business of providing high-quality logistics solutions in Qatar and Middle East. GWC is one of the largest supply chain service providers in the region, offering warehousing and distribution, hazmat logistics, freight management, project logistics, sports and event logistics, fine art logistics, supply chain consulting, transportation management, asset management, records management, and moving and relocation services to various industry verticals. We deliver this by understanding our customers and by leveraging our global network. GWC is backed by a team of committed and innovative experts and supported by state-of-the-art IT systems and storage infrastructure.