Gulf Warehousing Company: Running Start for 2013
The beginning of 2013 has already proven to be a fruitful time of growth for Gulf Warehousing Company (GWC), earning the company 20.65 Million QR in net profits this quarter as compared to 18.31 Million QR in the first quarter of 2012. This rise of 12.8% in our profits signals the markets continuing trust in our special brand of fully-integrated logistics services and solutions.
Fully embodying our unique position in the market-place is our crown achievement the Logistics Village Qatar (LVQ), which has completed construction of its original master plan this quarter, with Phase 3 becoming fully operational on April 15th 2013. As bookings have filled the new phase of LVQ to near capacity, international interest in our accomplishments have brought delegation after delegation to GWC to see if through our expertise and partnership the towering success of LVQ can be recreated regionally and internationally. Internally, planning for the Phase 4 expansion of LVQ is underway, and preliminary discussions have taken place to look into the greenfield development of an LVQ2. This confidence in our abilities have trigged an increase in our total revenues, bringing in 129.7 million QR this quarter, a sharp growth of 13.7% as compared to 114.03 million QR the first quarter of 2012.
It is also this confidence that allowed the board members to announce during their Assembly General Meeting an increase in the company’s share capital, now at 475,609,750 QR, a 20% increase from 396,341,460 QR. Shareholders directly benefited from this capital increase by receiving 7.9 million bonus shares at the rate of one bonus share for every existing five shares. GWC has every faith that investing in ourselves will only lead to a dramatic climb in our profitability and the returns to our shareholders.
To this end, GWC has invigorated our asset base by increasing our total assets to 1.663 billion QR, rising from 1.579 billion QR in December 2012. GWC’s Chairman Mr. Mohamad Ismail Al-Emadi added, “the path forward is to build on our core competencies and create innovative new opportunities and solutions for our client base. By putting our faith in what has taken us this far, and continuing our outreach to new projects and new partners, we can assure our shareholders that our best years are yet to come.”