GWC announces annual financial results with QAR 225 million in net profits for 2021
GWC (Q.P.S.C.) has announced its financial results for the financial year ending 31 December 2021 achieving net profits of QAR 225 million, with gross revenues reaching QAR 1.3 billion at the end of 2021, and EPS at QAR 0.38 by the end of the same period. The Company’s Board has recommended QAR 0.10 cash dividend to shareholders which is subject for discussion and approval during the company’s Annual General Meeting scheduled to be held on 16 February 2022.
“2021 brought with it, its own set of challenges but it gives me immense pride to witness how Qatar navigated through them and emerged stronger. For us, every challenge presents an opportunity to rise above and fulfil our duty towards Qatar’s vision. I take this opportunity to extend my gratitude to all our stakeholders and partners, who continue to trust and encourage us to exceed their expectations. We have a lot to look forward to this year and we will endeavour to build on our achievements,” GWC Chairman Sheikh Abdulla Bin Fahad Bin Jassem Bin Jabor Al Thani stated.
He also acknowledged the hard work and dedication put forth by the staff of GWC without whom these milestones would not have been achieved. “The persistent efforts of our team at GWC are the reason we have been able to provide seamless service and perform our duties to ensure that the nation’s progress does not get adversely affected,” he added.
GWC established Qatar’s first logistics hub in Ras Bufontas Free Zone. This Regional Logistics Hub offers freight, customs clearance, acclimatized storage, transportation, and the company’s advanced IT infrastructure, among other services. The hub features two warehouses, which offer unmatched logistical and last mile delivery options to the aviation, pharmaceutical and events industries including the FIFA World Cup Qatar 2022TM.
The Hub is also home to UPS Customer Center. Over the last 18 months, GWC has underlined its critical role in the nation’s medical cold supply chain, ensuring the safe delivery of the COVID-19 vaccine from airport to vaccination centers, as the Authorized Service Contractor for UPS in the State of Qatar.
At the forefront of innovation
Continuing its commitment to find innovative solutions while maintaining the highest environmental standards, GWC signed an agreement with Gaussin, a pioneer of clean and smart freight transport, and Gam Qatar to test Gaussin’s zero-emission electric tractors and yard automation solutions in several GWC logistics hubs, including GWC Al Wukair Logistic Park.
GWC was recognised for its focus on excellence and growth in digitalisation of services at the inaugural Forbes Digital Qatar Symposium & Awards 2021, which came at a time when Qatar is witnessing a fast-paced progression to being a smart city, in the lead up to the FIFA World Cup Qatar 2022™.
Building a business ecosystem
GWC is cognizant of its responsibility as a leading logistics provider in Qatar and the Middle East region and the role this sector plays in the growth of a nation. For this very reason, GWC put together the “Getting you in the Game” Forum which provided a platform for experts from various verticals to discuss complex logistical issues behind mega-events, such as global sporting competitions, in addition to discussing regional trends and developments.
This first-of-its-kind hybrid forum threw light on the behind-the-scenes work that goes into organising mega events while keeping sustainability and the long-term impact in mind.
2021 also saw GWC signing a MoU with The College of Science and Engineering (CSE) at Hamad Bin Khalifa University (HBKU) to encourage research in the fields of engineering, technology, and sciences with a special emphasis on logistics and supply chain management, with the aim to boost industry performance and identify mutually beneficial new opportunities and ideas.
Another area of focus for GWC has been to support MSMEs as it firmly believes that they are the backbone of any economy and are essential for the growth of Qatar.
“The GWC Al Wukair Logistics Park is one of the flagship developments of GWC, it is a one-stop-shop for entrepreneurs, with a very strong focus on providing micro, small and medium scale Enterprises (MSMEs) with access to logistics and light industry infrastructure needed for their growth and success. In addition, GWC will be taking care of all the regulatory as well as infrastructure and supply chain needs,” Ranjeev Menon, Group CEO, GWC, stated.
Due to its central location, close proximity to the airport and the port, coupled with seamless offering of logistics services, it will be the main distribution hub for handling the logistics mandate for the FIFA World Cup Qatar 2022TM.
The Road Ahead
Adding to this, he said, “2022 is a landmark year for us as we inch towards the final months leading to the FIFA World Cup Qatar 2022TM. As the Regional Supporter and Official Logistics Provider, we are aware of the immense responsibility placed upon us and the mammoth task we have ahead. We have been working diligently to ensure the seamless delivery of this mega sporting event.”
GWC will be offering a broad spectrum of services ranging from venue logistics, broadcasting and cold chain logistics, to shipping, customs clearance, transport and warehousing, down to logistics operations of merchandise, souvenirs, and food and beverages.
“While the World Cup will be an exhilarating experience – however after 18 December 2022, we will turn our focus towards the legacy of this tournament,” said GWC’s Group CEO, Ranjeev Menon. “We have a highly trained workforce and have developed pioneering systems across our business. Working on previous major events, such as the World Athletics Championships and FIFA Club World Cup, we stand prepared for Qatar 2022 – which is the cherry on the cake in terms of sporting events. However, the main goal for us – and the country in general– is Qatar National Vision 2030. One of the main legacies of the World Cup will be economic growth – and this is where GWC comes in. We have already provided a logistics framework to support the country’s development and look forward to playing a key role in delivering a bright business future for Qatar for decades to come.”
In addition to this, GWC will continue to support MSMEs through its various initiatives and projects. It will also continue to work towards developing its human capital which will be critical in expanding regionally and internationally, while furthering its quest for innovation, sustainable solutions, and digital transformation.