Gulf Warehousing Company Imprints another strong financial result in first half of 2012
Gulf Warehousing Company (GWC), Qatar’s leading integrated logistics company, announced its financial results for the first half of the year ended June 30, 2012.
GWC’s operating results increased during the first half of 2012 and achieved a net profit of QR 40.5 million compared to a net profit of QR 30.5 million in the first half of 2011 with a growth of 33%. In addition, the company achieved revenue of QR 230 million in first half compared to QR 191 million in the same corresponding half in 2011 and this posted a growth of 20%. All our business segments experienced positive growth and higher volumes during the said period. This demand is boosted by the signing of new agreements with new customers from the various industries.
On May 1, 2012, GWC solidified its position as the fastest growing asset-based logistics company in the middle-east by winning the “Best Logistics Infrastructure in the Middle East 2012 Award” at the Supply Chain and Transport Awards (SCATA 2012). The award acknowledges GWC efforts in building the Logistics Village Qatar (LVQ) to support the growing needs of the logistics industry in State of Qatar. LVQ is Qatar’s largest and most modern Logistics Village designed as a one-stop-shop logistics center. With the completion of Phase 2, it has strengthened the company by providing integrated logistics solutions, tailor-made to suit numerous growing industries.
EPS grew by 32% in this half to QR1.02 as compared to the similar half last year of QR 0.77. This is a growth of QR0.25 per share and this is due to the increase in profit volume in 2012.GWC’s total asset base increased to QR1385 million against QR1249 million as of December 2011. The increase of total assets was contributed by the growth in business and the development of Logistics Village Qatar.
“Our growth in total revenue and profitability has been impressive as we execute our strategies meticulously. We will continue to focus on the development of our people, capabilities and infrastructure to enable us to better serve our customers with a full range of integrated logistics solutions.” said GWC’s Chairman Mohammed Esmael Al-Emadi.