GWC posts QR215.5mn profit in 2017, suggests 17% cash dividend

15/01/2018 06:28 AST

Gulf Warehousing Company (GWC), Qatar's leading logistics provider, has reported a 5% jump year-on-year in net profit to QR215.5mn in 2017 and suggested a 17% cash dividend. The board's recommendation will be presented for discussion and approval during the company's annual general meeting to be held on February 5, 2017.

Despite extraordinary trading conditions, GWC's gross revenues expanded 14% to QR966.9mn in 2017. The company's total assets reached QR3.77bn at the end of 2017 compared to QR3.74bn at the end of December 2016.

"This year of growth is a testament to the enduring dedication to our purpose: to set a world-class standard in logistics operations, while supporting Qatar (now, more than ever) in becoming a sustainable and diverse economy, and ensuring the best possible returns to our shareholders," GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-Thani said. Apart from Bu Sulba Warehousing Park, GWC saw developments in its various current facilities, with the completion of the Phase V expansion in the Logistics Village Qatar (LVQ) during the year, while GWC Ras Laffan Industrial City - West Side Service Area (RLIC-WSSA) hub was also expanded by 125,000sqm, creating - in record time - a dedicated logistics supply base for a client in the oil and gas sector.

With an area of 517,375sqm, the park was completed and launched on schedule, and has provided the nation's burgeoning small and medium enterprises sector at competitive pricing, achieving major occupancy since its opening earlier in 2017.

Its contract logistics saw success in the expansion of its fourth-party logistics (4PL) presence in the nation, providing the management systems and staff needed to operate a number of client warehouses. The department also implemented a new IT solution for Vodafone's online vending platform.

Gulf Times