GWC holds its Annual General Meeting Virtually Online
GWC, the leading logistics provider in Qatar, held its Annual General Meeting (AGM) virtually online on 15 February 2021, chaired by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani. The AGM approved the Group’s Financial Results for the year ended 31 December 2020. The meeting was attended by representatives of the Ministry of Commerce and Industry, GWC’s external auditors E&Y, and the company’s shareholders attending virtually inline with the precautionary measures taken to curb the outbreak of COVID-19.
The AGM ratified all items on its agenda including the proposal by the Board of Directors to distribute a cash dividend of 10% the nominal share value at QAR 0.10 per share. The dividends will be distributed through designated branches of Masraf Al Rayan.
In addition, The AGM also held the board membership elections for the three-year period from 2021–2023, in accordance with Article 27 of the company’s constitution. The company’s new board of directors, as elected by the general assembly, now constitutes the following members: Sheikh Abdulla Bin Fahad Bin Jassim Bin Jabor Al Thani – Chairman; Sheikh Fahad Bin Hamad Bin Jassim Bin Jabor Al Thani – Vice Chairman; Mr. Ahmed Mubarak Al Maadid – Member; Dr. Hamad Saad Al Saad – Member; Mr. Mohammed Hassan Rafi’ Al Emadi – Member; Ms. Hanadi Anwar Al Saleh – Member; Mr. Sultan Yousif Khater Al Sulaiti – Member; Mr. Mohammed Abdulmonim Al Sayed – Member; and Mr. Ahmed Al Raml Al Mannai – Member.
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.
“Thanks to everyone who entrusted GWC to meet this year’s challenge and prove that we have the ability to stretch our capacities and deliver even under the most difficult circumstances,” GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani stated. “Valuable lessons have been learned on a national crisis management level in terms of readiness and reaction, thanks to the wise leadership and direction of His Highness the Amir Sheikh Tamim bin Hamad Al-Thani, who guided the nation to be better equipped for such extraordinary scenarios,” he added.
The year 2020 yielded a number of achievements despite the challenges posed by the pandemic, including the support of key industries during the pandemic, and its important role in delivering the COVID-19 vaccine as the ASC for UPS, support of SMEs through a number of waivers and free services, the announcement of GWC as the first regional supporter and official logistics provider for the FIFA World Cup Qatar 2022™, and the opening of the regional logistics hub for the company in the Ras Bufontas Free Zone.
“With the drastic impact of this crisis on world markets, we see more than ever that small and medium enterprise will power Qatar’s economic growth and diversification, and that a strong and healthy logistics sector can be the backbone to support that growth. We are pleased with our performance this year, and in the future, we will point back to 2020 as a year in which Qatar grew stronger, more diverse, and more resilient as a nation, God willing.” Stated Ranjeev Menon, GWC Group CEO.
GWC achieved net profits of QAR 236 million for the financial year 2020, with gross revenues reaching QAR 1.233 billion at the end of 2020, and EPS at QAR 0.40 by the end of the same period.