GWC holds its Ordinary Assembly General Meeting
GWC, the leading logistics provider in Qatar, held its Ordinary Assembly General Meeting on 5 February 2018 and approved the Group’s Financial Results for the year ended 31 December 2017. The meeting was held in the Four Seasons Hotel Doha, and chaired by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani and was attended by representatives of the Ministry of Economy and Commerce, GWC’s external auditors KPMG, the company’s shareholders, and media representatives.
The General Assembly ratified all items on its Agenda including the proposal by The Board of Directors to distribute a cash dividend of 17% the nominal share value (QAR 1.7 per share). The dividends will be distributed either through direct deposit or by visiting the designated branches of Masraf Al Rayan.
In addition. The AGM also held the board membership elections for the three-year period from 2018 – 2020, 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: 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. Jassim Sultan Al Rimaihi – Member; Mr. Mohammed Hassan Al Emadi – Member; Ms. Henadi Al Saleh – Member; Mr. Abdulaziz Mohammed Jabor Al Sulaiti – Member; and Mr. Faisal Mohammed Ali Al Emadi – Member.
Furthermore, the Assembly heard a thorough review of the company’s compliance with the Corporate Governance Code observed in the State of Qatar. KPMG was appointed as the external auditors. The general assembly also cleared the company’s board members of any possible liability, setting the proper remuneration for the board.
“The company has validated its position this year as a bona fide national asset when it harnessed its varied strengths in a seamless, effective manner when our country needed it most,” stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani. “It brought into play the Company’s proven competencies in operational management, customized solutions and personnel deployment, displaying a remarkable level of acumen and adaptability – a determined, decisive exercise in solidarity that immensely benefited the nation and its people.”
The general assembly has gathered following a year of achievement for the company, with the GWC Bu Sulba Warehousing Park was launched on schedule during Q1 2017, representing the countries first fruit of Public Private Partnership (PPP).
GWC departments have continued to widen their client base, particularly in the Government and Oil & Gas sectors, with major projects being initiated and completed in record time in Doha and Ras Laffan Industrial city. The Company’s niche departments, such as Fine Art and Equestrian have also worked diligently to bring in a number of projects while working on the nation’s biggest events. In our endeavour as the authorized service contractor for UPS, the company has grown its market share in the local market and enlarged its footprint through strategic partnerships.
The company had achieved net profits of QAR 215.5 million in 2017, representing an increase of 4.7% in comparison with QAR 205.7 million in net profits listed for 2016. The company has maintained its growth by increasing its operational efficiency, and actively seeking new revenue streams, drawing in gross revenues of QAR 966.9 million at the end of 2017, representing 13.8% increase from QAR 849.5 million in 2016. The company’s assets continued to develop, with total assets reaching QAR 3.774 billion by the end of December 2017, compared with QAR 3.741 billion at the end of December 2016.
“GWC, through its well-founded infrastructure and innovative systems and solutions,
has stood by the nation through the extraordinary circumstances it’s been experiencing lately,” concluded GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani. “We remain committed to delivering the best, partnering with our nation in our collective quest for excellence, confident that in so doing we will remain on the path towards continued growth in the near future and far, God willing.”