GWC announces its financial results for Q1-2011
Gulf Warehousing Company QSC (GWC) today reported record financial results for the first quarter of 2011 ended 31st March posting a net profit of 13.2 million compared to 3.3 million for the same quarter last year resulting in a growth of 296%. Earnings per share grew from 0.13 to 0.33 during first quarter 2011, a growth of 150%.
“We are very pleased with the company’s execution in the first quarter, which resulted in accelerated growth across all our service offerings. Ongoing investments aligned to key customer priorities, healthy utilization of company’s warehousing, transport and freight capacities majorly contributed GWC’s first quarter results. We believe GWC’s business momentum is being driven by our superior value proposition in integrated supply chain services” Said Ranjeev Menon, CEO.
GWC posted revenue of 83.6 million as compared to 21.1 million in the year ago quarter having a growth of 295%. GWC was able to achieve this strong growth in revenue through their Warehousing, transport, business solutions & Freight forwarding divisions. Despite the challenges of global economic conditions, the company has prudently managed operating costs. This clearly shows GWC’s ability to record exceptional growth for the benefit of shareholders, with the earning per share reaching 0.33 QR against 0.13 QR for first quarter 2010. First phase of Logistics Village is completed in the first quarter and company is moving ahead to the second phase of development. LVQ will further enhance the company’ Revenue and Net Profit in the coming quarters.