Gulf Warehousing Company: Solid Profit Growth of 40%
Gulf Warehousing Company (GWC) has earned 28.9 Million QR in net profits for the first quarter of 2014 as compared to 20.6 Million QR in the first quarter of 2013. This rise of 40% in our profits signals the markets long-standing trust in our special brand of fully-integrated logistics services and solutions.
GWC has accomplished much in the last decade: it has provided Qatar with a full-spectrum of logistics services, becoming market leaders in freight forwarding, transport, and customs clearance, and providing unique niche services such as records management, international moving and relocation, and fine arts logistics. Further, it has provided the country with essential logistics infrastructure distributed to all corners of the state, with facilities in Ras Laffan, Mesaieed, and several others in the Doha Industrial Area. This wide-spread expansion has increased our total assets to 1.954 billion QR, rising from 1.879 billion QR in December 2013, a 4% increase over last quarter.
Among these expanded facilities is the Logistics Village Qatar (LVQ), the culmination of our company’s years of experience and expertise which has resulted in a 1 million square meter logistics hub that provides services to entities big and small in the public and private sectors. The LVQ’s Phase 4 nears its completion date and shall be operational in June 2014. Reservations in the new phase have almost reached capacity, and this faith in our abilities is a sign of our overall success with an increase in our total revenues, bringing in 152.9 million QR this quarter, a sharp growth of 18% as compared to 129.7 million QR the first quarter of 2013.
Confidence in GWC service offerings has been reflected in their market performance, as earnings per share has risen by 0.61 during the first quarter of 2014, as compared to 0.43 in the same period of 2013, a remarkable 41% increase. “By capitalizing on our years of experience, and providing services at a unique and unparalleled level of professionalism, our commitment to growth and consistent returns is as strong as ever,” said GWC Chairman Sheikh Fahad bin Hamad bin Jassem Al-Thani. “This commitment to performance excellence both in the market and the field ensures our status as the preferred third-party logistics provider in Qatar and the GCC region.”