Gulf Warehousing Company Experiences 37% Growth in Net Profits for Third Quarter of 2014
• Net profits rise to QAR 102.4 million • Gross revenues reach QAR 505 million • Earnings per share (EPS) confirmed at QAR 2.15 per share
Gulf Warehousing Company (Q.S.C.) has released its financial results for the third quarter of 2014, marking impressive gains across all key financial indicators. Net profits particularly experienced a rise to QAR 102.4 million, a strong 36.8% increase as compared to the third quarter of 2013, when it earned QAR 74.8 million in net profits, while gross revenues reached QAR 505.0 million during this period, compared to the QAR 399.4 million earned in the same period in 2013, representing an impressive 26.4% in growth. Moreover, earning per share (EPS) rose to QAR 2.15 per share during the third quarter of 2014, growing by 36.9% from QAR 1.57 during the same period in 2013.
“This capacity and desire for expansion is the main driver for the growth in our operations, which in turn has generated this respectable increase in our revenues and profits,” stated GWC’s Chairman of the Board Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al-Thani. “We will ensure continued strong returns on our investments by exceling in the solutions and services we already offer, while seeking out new opportunities and untapped markets.” He added.
The completion of key asset development projects brought GWC’s assets to QAR 2.046 billion, an increase of around QAR 167 million during the first nine months of 2014 – a significant 8% increase – marked by the launch of operations of Phase IV at the Logistics Village Qatar (LVQ). The one million square meter fully-integrated logistics facility saw capacity expansion by 81,000 square meters of newly-developed storage and distribution facilities complementing LVQ’s existing full range of storage services such as ambient, dry, chilled and frozen warehousing solutions, as well as bulk and open yard storage.
The contract logistics, freight forwarding, and record management solutions departments continue to provide high revenues, scoring major contracts with a number of ministries, financial institutions, the oil and gas sector, technology companies, and cultural organizations. The fine arts logistics department meanwhile expanded its scope and completed major national projects in this period. This constant endeavor for achievement has not gone unnoticed, as GWC earned a number of distinctions this quarter. Earlier in the quarter, Arabian Business Magazine named GWC one of Qatar’s top 30 companies by market cap. Soon after, the company was awarded the “Logistics Excellence Award” at the “2014 Qatar Enterprise Agility Awards”. These awards and distinctions come as recognition of GWC’s longstanding commitment to developing the nation’s logistics infrastructure, as well as the wide variety of solutions and innovations the company has delivered.
Gulf Warehousing Company Q.S.C. (GWC) is a Qatari shareholding company and is the leading provider of integrated logistical solutions 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 forwarding, project logistics, sports and event logistics, fine arts 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.