Wednesday 23 January 2019

Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani

GWC 2017 net profit up 4.7pc to $58m

DOHA, February 6, 2018

GWC, a leading logistics provider in Qatar, has posted net profits of QR215.5 million ($58.5 million) in 2017, representing an increase of 4.7 per cent in comparison with QR205.7 million in net profits listed for 2016.

 The company has maintained its growth by increasing its operational efficiency, and actively seeking new revenue streams, drawing in gross revenues of QR966.9 million at the end of 2017, representing 13.8 per cent increase from QR849.5 million in 2016.

The company’s assets continued to develop, with total assets reaching QR3.774 billion by the end of December 2017, compared with QR3.741 billion at the end of December 2016.

The company held its Ordinary Assembly General Meeting on February 5 at the Four Seasons Hotel Doha, and chaired by GWC chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani and was attended by representatives of the Ministry of Economy and Commerce, GWC’s external auditors KPMG, the company’s shareholders, and media representatives.

The Board of Directors has proposed to distribute a cash dividend of 17 per cent the nominal share value (QR1.7per share).

 “The company has validated its position this year as a bona fide national asset when it harnessed its varied strengths in a seamless, effective manner when our country needed it most,” said Sheikh Abdulla.

“It brought into play the company’s proven competencies in operational management, customized solutions and personnel deployment, displaying a remarkable level of acumen and adaptability – a determined, decisive exercise in solidarity that immensely benefited the nation and its people.”

The general assembly has gathered following a year of achievement for the company, with the GWC Bu Sulba Warehousing Park was launched on schedule during Q1 2017, representing the countries first fruit of Public Private Partnership (PPP).

GWC departments have continued to widen their client base, particularly in the Government and Oil & Gas sectors, with major projects being initiated and completed in record time in Doha and Ras Laffan Industrial city.

The company’s niche departments, such as Fine Art and Equestrian have also worked diligently to bring in a number of projects while working on the nation’s biggest events. In our endeavour as the authorized service contractor for UPS, the company has grown its market share in the local market and enlarged its footprint through strategic partnerships.

“GWC, through its well-founded infrastructure and innovative systems and solutions, has stood by the nation through the extraordinary circumstances it’s been experiencing lately,” added Sheikh Abdulla.

“We remain committed to delivering the best, partnering with our nation in our collective quest for excellence, confident that in so doing we will remain on the path towards continued growth in the near future and far, God willing.” – TradeArabia News Service

Tags: logistics | GWC | 2017 net profit |

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