GWC Net Profits Growth Hits 31.9% in Q3 2015
Gulf Warehousing Company Q.S.C. (GWC), Qatar’s leading logistics provider, has scored a healthy and steady rate of growth in its net profits in the first nine months of 2015, marking a 31.9% increase in net profits; achieving QAR 135.1 million, as compared to QAR 102.4 million by the end of September 2014. The company’s revenue streams had an equally consistent rise, with total revenues peaking at QAR 607.9 million during the first nine months of 2015, a remarkable 20.3% increase from QAR 505 million for the same period in 2014. Earnings per share rose to QAR 2.84 during this period, shaping an increase of 32% compared with the 2014 results of QAR 2.15.
“Such a consistent rate of returns, and the stability that we have been able to maintain during a time change, is a sign of solid leadership and resilient infrastructure,” stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani. “It is with such sure footing that we can ensure the accomplishment of our purpose, and continue to foster the drive and tenacity to innovate and deliver, remaining the provider of choice for logistics services in Qatar, and thereby ensuring our shareholders the best possible returns.”
And for assuring the continuity of operations and expansion plans, the company has taken the decision to increase its capital through offering new shares raising QAR 457,774,394, after The GWC Board of Directors had the increase approved during the company’s Extraordinary General Assembly Meeting held in September 2015. The subscription period for eligible shareholders starts on 08 November, and end on 25 November 2015.
The company’s achievements were an accumulation of the company’s departments, where Sports Logistics has had a very active quarter; handling several major sporting events, providing them with customs clearance, venue management, manpower, equipment, and truck provision, and 4PL warehouse management. Meanwhile, Equestrian Logistics has landed 2 public tenders for two major international equestrian events happening in Qatar. Additionally, GWC Fine Art’s partnership with Constantine is continuing to yield results, both with regularly scheduled art exports and imports, as well as in executing major shows in the country.
Development of the GWC Bu Sulba Logistics Park has finalized the leveling and compaction stage, with design and construction in the mobilization stage, and the features and designs for individual buildings being finalized. In addition, the company is continuing its expansion plans steadily with Logistics Village Qatar (LVQ) Phase 5 expansion, on schedule at 60% completion rate. The Ras Laffan Industrial City facilities construction of the additional 15,000 square meter warehouse with specialized HAZMAT logistics specifications and capabilities is 90% completed, and is expected to be operational by Q1 2016.