Steady growth expected for Gulf Warehousing in 2012
Gulf Warehousing Company (GWC), Qatar’s leading logistics company, today announced its financial results for the first three months ended March 31, 2012.
GWC’s operating results increased during the first quarter of 2012 and achieved a net profit of QR 18 million compared to a net profit of QR 13.2 million in the first quarter of 2011 with a growth of 36%. In addition, the company achieved revenue of QR 114 million in this quarter compared to QR 84 million in the same corresponding quarter in 2011 and this posted a growth of 36% . The increase in sales revenue for this quarter reflected the progression of the company and this is mainly attributed to the increase in customers of all our segments of business. GWC’s state-of-the-art warehousing facilities in Ras Laffan and Messaid posted increase in revenue as its strategic location in the heart of the Oil, Gas and Petro-chemical industries continues to support the logistics needs of companies from these industries.
In our effort to maintain our leadership position in Qatar, GWC doubled its Sales Team to reach out to all corners in Qatar to offer customers attractive business model of total integrated logistics solutions.
EPS grew by 39% in this quarter to QR0.46 as compared to the similar quarter last year of QR0.33. This is a growth of QR0.13 and this is due to the profit volume increase in the first quarter.
GWC’s total asset base increased to QR1269 million against QR1249 million as of December 2011. The increase of total assets was contributed by the development of Phase 2 of the Logistics Village Qatar and GWC expects to start generating revenue from Phase 2 effective second quarter of this year. Phase 3 of the Logistics Village Qatar has been awarded for construction and it’s on schedule to be completed within the first quarter of 2013.
“We are very pleased with the steady growth in our revenues and profits and expect to have same growth trend in the coming quarters. We will continue to strive to improve our operating results by further expanding our sales efforts, tapping into new markets and by pursuing higher margin businesses. We will particularly strive to advance further in the Logistics Village Qatar and similar initiatives for the development of logistics infrastructure for the state of Qatar.” said GWC’s Chairman Mohammed Esmael Al-Emadi.