GWC Grows 15% Year-on-Year in Net Profits Earning QAR 46.5 million in Q1 2016
GWC (Q.S.C.), Qatar’s leading logistics provider, concluded its first quarter of 2016 with a solid rate of growth of 15% in its net profits, achieving QAR 46.5 million, as compared to QAR 40.4 million by the end of the same period in 2015. The company’s revenue streams had an equally consistent rise, with total revenues peaking at QAR 220 million at the end of the quarter, a 14% increase from QAR 192.3 million in the first quarter of 2015. The company’s assets continued to develop, with total assets reaching QAR 3.078 billion by the end of March 2016, compared with QAR 2.981 billion at the end of December 2015, representing a 3% growth.
“Every effort has been taken to ensure that the company moves in line with the direction taken by the nation, so we may continue to grow organically within the currently provided environment, directly serving its needs,” stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani. “Our commitment to the diversification of the economy and the tenets of the Qatar National Vision 2030 provide us the direction needed as we strive to achieve our purpose, remaining the provider of choice for logistics solutions in Qatar, and thereby ensuring our shareholders the best possible returns.”
On the operational side, the RLIC West Side Service Area (WSSA) facility was completed on schedule, and made operational in Q1 2016, offering 15,000 square meter warehouse with specialized HAZMAT logistics specifications, in addition to open yard, bulk, and ISO Tank storage in the remainder of the facility. The Logistics Village Qatar Phase V development at the LVQ is nearing completion, and will offer a new 17,500 square meter distribution center, two accommodation buildings, and a mosque by the end of Q2 2016, with a second 28,000 square meter warehouse to be launched by the end of August 2016.
The GWC Bu Sulba Warehousing Park, meanwhile, has achieved several important milestones, completing 40% of construction operations at the site, while boasting an impressive safety record at the site to boot. The company has recently awarded one of its contractors, for “One Million Man Hours without Lost Time Injury”, ensuring GWC’s commitment to the highest standards of Quality, Health, Safety, and the Environment.
For its continued commitment to excellence in performance and service provision, the company was recognized by a number of international transport sector parties in the first quarter of 2016; as International market research consultants Frost and Sullivan named GWC “Leading Domestic Logistics Service Provider of the Year 2016” for the second year in a row during their seventh annual GIL Global Best Practices Awards.
“GWC values performance at every level of the organization, and it is therefore gratifying to note that our company has fulfilled our vision of providing the most comprehensive solutions backed by a robust infrastructure, and will continue on our way to be the logistics service provider of choice, and we will work diligently to find all opportunities for development and growth within the current economic climate, thereby recompensing our stakeholder’s investment and trust in us,” added Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani Chairman of GWC