GWC growth continues with 30% increase in net profits for the first half of 2015
Gulf Warehousing Company Q.S.C. (GWC), Qatar’s leading logistics provider, has delivered strong and steady growth in its net profits in the first half of 2015, marking a 30% increase in net profits; achieving QAR 87.7 million, as compared to QAR 67.6 million by the end of June 2014. This robust growth was mirrored in the company’s revenue streams, with total revenues peaking at QAR 405.7 million during the first half of 2015, a remarkable 21.3% increase from QAR 334.6 million for same period in 2014. Earnings per share rose to QAR 1.84 during this period, shaping an increase of 30% compared with the 2014 results of QAR 1.42.
“The road to success is paved by strong values, and by fostering the drive and tenacity to innovate and deliver, we have become the logistics provider of choice in the State of Qatar,” stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani. “By providing the most comprehensive solutions and by constantly developing dynamic and flexible infrastructure, we are able to remain true to our purpose and ensure the best possible returns to our shareholders,” he added.
The Logistics Village Qatar (LVQ) Phase 5 expansion has kicked off major key operations, with construction begun on the 28,500 and 17,000 square meter distribution centers in addition to the mosque and accommodation. Infrastructure development and utility service line development has also begun at the site.
Leveling and compaction at the GWC Bu Sulba Logistics Park has also reached its final stages, with construction on the site set to begin by mid-August 2015. The over half a million square meter logistics site will boast the latest in warehouse and distribution management systems, technology, and facilities optimized for small and medium enterprises and start-ups in the State of Qatar.
The Ras Laffan logistics hub expansions continues on schedule, with construction on the 15,000 square meter warehouse with specialized HAZMAT logistics specifications and capabilities is half way complete. The remaining work is expected to be completed within the next half of 2015, and to be made operational by Q1 2016.
Additionally, the second half of 2015 saw the addition of courier services to the company’s service portfolio, as GWC signed an agreement to become the Authorized Service Contractor for UPS (ASC) in the State of Qatar. GWC began offering the range of UPS services after the inauguration of its new flagship outlet located on D-Ring Road last June 2015. Express shops were also opened in the Qatar Financial Center in West Bay, Street 15 of the Industrial Area, as well as in GWC facilities in Ras Laffan and Messaieed.
This unprecedented growth in projects and in constructed facilities prompted the company’s board to propose to increase the company’s capital by 25%, which is equivalent to 11,890,244 shares, at a nominal value of QAR (10) per share, and an issuing premium of QAR (28.50) per share (therefore amounting to a total of QAR 38.50 per share); a proposal which the Companies Control Department of the Ministry of Economy and Commerce approved in the second quarter. The company also announced that it was in the process of getting the Ministry of Economy and Commerce to approve a date to convene an Extraordinary General Assembly Meeting in order to adopt and ratify this transaction. The date of the assembly shall be announced at a later date.
During Ramadan, GWC has sponsored Hasanat Olympics for the second year in a row, the Iftar charity program handled by The Youth Company, a Qatar-based youth empowerment non-profit social enterprise. Hasanat Olympics involves volunteers packing iftar boxes for the needy, visiting special needs children, and collecting clothes for charity. The month is full of many opportunities for the youth to give back and pile up some hasanat!
The company was also recognized during HMC World Blood Donor Day at the St. Regis Hotel, which was intended to draw attention to more than 400 blood donors and a number of local organizations that have especially contributed to the HMC blood drives in the past, where GWC has been a consistent donor.