GWC holds its Annual General Meeting
GWC, the leading logistics provider in Qatar, held its Annual General Meeting on 3 February 2020 and approved the Group’s Financial Results for the year ended 31 December 2019. The meeting was held in the Kempinski Marsa Malaz Hotel, and chaired by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani. The AGM was attended by representatives of the Ministry of Commerce and Industry, GWC’s external auditors E&Y, the company’s shareholders, and media representatives.
The AGM ratified all items on its Agenda including the proposal by The Board of Directors to distribute a cash dividend of 20% the nominal share value (QAR 0.20 per share). The dividends will be distributed through designated branches of Masraf Al Rayan.
Furthermore, the AGM heard a thorough review of the company’s compliance with the Corporate Governance Code observed in the State of Qatar. E&Y were re-appointed as the external auditors. The AGM also cleared the company’s board members of any possible liability, setting the proper remuneration for the board.
GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani stated: “GWC’s achievements in the last years reflect the success of the company’s long-term strategies and its support of the Qatar National Vision 2030, which aims to develop a varied and sustainable national economy, and thereby ensure the best possible returns for our shareholders, God willing.”
The AGM gathered following a year of achievement for the company, which signed an agreement with Manateq to develop the Al Wukair Logistics Park and manage it for 30 years. GWC also officially launched its consultancy services to help clients develop their operations and improve their implemented solutions.
The company continued to support the Oil and Gas sector through providing specialized services such as performing heavy lifts and developing bespoke logistics bases as per customer requirements. Additionally, GWC excelled in its performance of sports and events logistics during 2019, as it was named the official logistics provider for two of the biggest sports events regionally and internationally, the 24th Arabian Gulf Cup Qatar 2019 and the FIFA Club World Cup Qatar 2019™ respectively.
“We’re ensuring that we remain pivotal to our client’s success stories by continuing as their provider of choice, and to guarantee a customer experience like no other, all of which are complemented by our various programs offering investment and logistics supports for our SME clients, as well as an asset-rich environment that enable all our customers swift and all-encompassing business support.” Stated Mr. Ranjeev Menon, GWC Group CEO.
The company concluded 2019 with a 9% increase in net profit to QAR 249.1 million, as compared with QAR 227.6 million in the end of 2018. Gross revenues of the company reached QAR 1.2 billion at the end of 2019, while EPS increased to QAR 0.43 at the end of 2019, in comparison with QAR 0.39 at the end of 2018.