Wednesday 27 May 2020

Qatar GWC's 2016 net profit surges 11pc

DOHA, January 7, 2017

Qatar’s leading logistics provider GWC has concluded 2016 with one of the healthiest growth rates in the country, achieving a 11 per cent jump in its net profit which soared to QR206 million ($57 million) from QR185.2 million ($51 million) the year before.

The company has maintained its growth by increasing its operational efficiency, improving its profit margins, and actively seeking new revenue streams, drawing in gross revenues of QR849.5 million at the end of 2016, representing 8 per cent increase from QR787.9 million in 2015.

The company’s assets continued to develop, with total assets reaching QR3.741 billion by the end of December, up 26 per cent to hit QR2.98 billion for the same period in 2015, it stated.

Commenting on the growth, GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani said: "Every effort has been taken to ensure that the company serves the best needs of the state of Qatar as it diversifies from oil dependency to a diversified and sustainable economy."

“It is through this lens that we find, in the current climate, a wealth of opportunity to develop, innovate and prosper, thereby recompensing our stakeholder’s investment and trust in us, and our pursuit of the Qatar National Vision 2030,” he stated.

Impressed with the results, GWC’s board of directors has recommended distribution of 16 per cent dividend to the shareholders.  It is however, subject to approval at the company’s Assembly General Meeting to be held on January 30.

On the 2016 performance, the top GWC official said it has moved forward on its various development initiatives last year, with its resources poured into the completion of the GWC Bu Sulba Warehousing Park.

The 517,375-sq-m facility, which is equipped to handle the varying demands of the small and medium enterprise (SME), will be ready for operation in the first quarter of 2017.

The company also saw developments in its various current facilities, with the completion of the Phase V expansion in the Logistics Village Qatar (LVQ) adding 45,000 sq m of storage capabilities within the one-million-sq-m fully-integrated logistics hub, in addition to new accommodation and recreational facilities.

GWC also added 64,000 sq m of fully-integrated, specialised Hazmat logistics solutions to its Ras Laffan Industrial City hub in the West Side Support Area at the beginning of 2016, said the top official.

The company’s departments also made significant developments in their respective fields. GWC Contract Logistics expanded on a number of their contracts, completing the roll-out of several programs it had begun for clients in the health, retail and telecom sectors.

According to him, GWC Forwarding held on to its position as the No.1 freight forwarder in Qatar, and enhanced value for its clients’ projects by offering new products that reduce turnaround time for many shipments.

GWC Records maintained its 100 per cent client retention record while adding clients among ministries, government authorities and financial institutions.

Meanwhile, Its other units GWC Relocations, Fine Art, and Transport expanded on the types of services they offer while making significant contributions to the company’s revenues.

Beyond Qatar, GWC’s Dubai operation too has been contributing to the growth of the company in extending its reach to the UAE market and beyond.

This progression has led to the acquisition of two warehousing properties which will meet local demand and help better coordinate GWC’s international distribution operations, he stated.

In addition to its contributions to the country’s logistical infrastructure, GWC has participated in a number of initiatives to improve Qatar’s social wellbeing.-TradeArabia News Service

Tags: logistics | Qatar | profit | GWC |

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