GWC Posts 9% growth in 2019 net profit to QAR 249.1 Million
GWC, Qatar’s leading logistics provider, concluded 2019 with a 9% surge in net profit to QAR 249.1 million, as compared with QAR 227.6 million in the end of 2018. The Company’s Board has recommended 20% cash dividend to shareholders which is subject for discussion and approval during the company’s Annual General Meeting to be held on February 3, 2020.
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.
“Our support for Qatar has formed the building blocks of our operational excellence. We are pursuing all opportunities locally and internationally that ensure we are the provider of choice for innovative logistics and supply chain solutions to enable the business community to focus on their core operations and achieve their objectives,” Stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al-Thani.
The company’s comprehensive solutions have set a benchmark for logistics excellence in the market, which in turn has led to new contracts and opportunities. One such opportunity was the agreement with FIFA making GWC the first Official National Supporter of the FIFA Club World Cup Qatar 2019™. GWC was entrusted to carry out the complex logistics requirements for the tournament as the official logistics provider.
The company’s continued excellence in developing logistics infrastructure, such as the Logistics Village Qatar, the GWC Bu Sulba Warehousing Park, and the oil and gas client-specific logistics bases in Ras Laffan Industrial City also led to a new award by Manateq to GWC for a “Develop-Build-Finance-Operate-Transfer” contract for the establishment of the 1.48 million square meter Al Wukair Logistics Park.
GWC has earned the trust of the market by delivering the best in logistics and supply chain solutions in accordance with the highest Quality, Health, Safety, Security, and Environment standards. The company has celebrated several safety milestones during 2019 in Ras Laffan Industrial City, with 1000 days at the RMOP base and 730 days at the WSSA facility passing with no loss-time-injury, all while maintaining the exacting safety standards required by the oil and gas industry.
“Our strong track record of customer approval has created an impressive rate of client retention while attracting new customers from all market segments, as we work together to achieve the nation’s strategies, create a sustainable and diverse economy – an environment that will ensure the best returns for our investors,” stated Ranjeev Menon, Group CEO of GWC.