Gulf Warehousing Company: Profit Growth of 20% for 2013
Gulf Warehousing Company, Qatar’s leading asset-based logistics and supply chain solutions provider, has registered yet another solid performance, with a total of 101.6 million in net profits for the financial year 2013 compared to the 2012 net profits of 84.9 million for a registered increase of 19.67%. Gross revenues were equally impressive at 527.3 Million QR in 2013, an increase from 479.7 million QR at the end of 2012.
Contributing to this increase was the high performance of specific sectors, with revenues from several of its departments seeing a significant increase due to the signing of several exclusive contracts with private and public entities. Meanwhile, strategic investments were put in place to ensure the company’s continued growth, as GWC goes forward with 3 active projects within our Mesaieed, Industrial Area and Ras Laffan sites, pushing for the construction of state-of-the art facilities. With the completion of these 3 projects, GWC expects to see the total capacity in terms of warehousing space to expand, making us today the largest integrated logistics company with warehousing assets nearing 650,000 square meters.
Gulf Warehousing Company’s prime achievement continues to be its Logistics Village Qatar (LVQ), the one million square meter fully-integrated logistics hub. The original master plan for the logistics village was completed in April 2013, with all the warehouses and services available there fully reserved. The company has begun an additional Fourth Phase expansion that acts as a complement to the master plan, and increases the warehousing capacity of the logistics village. This phase will be completed in July 2014.
The breadth and depth of the success the company has witnessed since its establishment ten years ago this upcoming March is nothing short of staggering, moving as it did from a basic warehousing service provider to a logistics leader offering a full spectrum of services ranging from transport, distribution, contract and third or fourth party logistics, record and asset management services, and international moving and relocation services. As the company expanded, so has its asset base, and 2013 was no exception, witnessing an increase in its total assets to 1.87 billion QR, an increase of 14% from 1.58 billion QR in 2012. The return to investors has also been extremely favorable, with earnings per share (EPS) up to 2.14 QR per share in December 2013 against 1.79 QR per share in December 2012, a rise of 19.55%.
“Gulf Warehousing Company has taken a leadership position in the logistics sector, and shall work together towards our strategic vision in placing ourselves on a path of accelerated growth with enhancement of our service offerings, productivity, competitiveness and profitability while meeting the growing demand of logistics in the country in a sustainable manner,” explained GWC Chairman Sheikh Fahad bin Hamad bin Jassem Al-Thani. “We will remain steadfast in our dedication to our shareholders and expect to continue to produce even higher figures in the coming years.”