GWC Records 60.1 Million in Net Profits, Growth of 31% over Last Year
Gulf Warehousing Company (GWC), Qatar’s leading integrated logistics company, saw its profits continue to rise to new heights, reaching in the first nine months of 2012 nearly the level the company achieved in 2011, according to its announced financial results for the third quarter of the year ending September 30th 2012.
The company achieved net profits of QR 60.1 million this year compared to QR 45.8 million this time last year, a gain of over 31%. With customer confidence in the one-stop-shop for all logistics services growing strong, increased client acquisition and demand has earned revenues that reached 355 million this year. The effect on investor portfolios has been positive, with EPS up to QR 1.51 this quarter, a rise of QR 0.36 or over 31% from QR 1.16 this time last year. Assets have also seen a significant increase, from QR 1249 million at the end of 2011 to QR 1462 million at this time, a gain of 17%.
Mirroring the strong economic growth in the country, the company continued to dominate its service sector, with several of the company’s divisions making particularly strong gains. GWC’s freight forwarding and contract logistics departments scored a number of important clients, all seeking their specialized, client-specific supply chain solutions, customized distribution and inventory management services. The transportation department hit a milestone as well, achieving 80 million km of cumulative transport experience in Qatar and across the GCC.
With the majority of the units in Logistic Village Qatar’s completed Phase 2 occupied and projections showing full occupancy by the end of the year, the company’s phenomenal growth is rising steadily higher. The Phase 3 construction of LVQ’s expansion plan,which is progressing on schedule, will add to the services and storage space available at Qatar’s only logistics hub. With space dedicated to multi-purpose and customizable warehouses, a container/laydown yard, plug-and-play administrative facilities and accommodation and recreational facilities, Phase 3 would complete the 1 million sqm logistics facility laid out in the masterplan proposed at the end of 2010. The expansion is on-track to be completed in April 2013 and has already gained client interestin a number of industries.
“We remain true to those who have put their faith in us, as is evidenced by our unprecedented performance. With 2012 continuing to be a record breaking year, our investors will continue to see further increases in their earnings per share, as we continue toprovide top logistics solutions to the country, the region and beyond,” said GWC Chairman Mohammed Esmael Al-Emadi.