GWC announces annual financial results with QAR 239.6 in net profits for 2022

January 24, 2023

GWC (Q.P.S.C.) has announced its results for the financial year ending 31 December 2022 achieving net profits of QAR 239.6 million, with gross revenues reaching QAR 1.519 billion at the end of 2022, and EPS at QAR 0.41 by the end of the same period. The Company’s Board has recommended QAR 0.1 cash dividend to shareholders which is subject for discussion and approval during the company’s Assembly General Meeting scheduled to be held on 19 February 2023.

“2022 was a milestone year for GWC. Our expertise, coupled with our determination and dedication to excel and go the extra mile placed us in good stead as we delivered seamless and timely logistical services to make FIFA World Cup Qatar 2022TM a roaring success. In 2023, we aim to continue to build on this momentum and chart new avenues and further enhance our commitment to Qatar National Vision 2030, including promoting SMEs and giving them the support needed to grow and flourish,” remarked GWC Chairman Sheikh Abdulla Bin Fahad Bin Jassem Bin Jaber Al Thani.

He also praised the GWC team over the last decade for innovating new benchmarks in the logistics industry.

FIFA World Cup Qatar 2022TM

The successful implementation of the World Cup was an endorsement of the company’s confidence in delivering seamless logistical execution.  Building a dedicated workforce of 5,000+ spread across diverse geographies around the world that was skilled to tackle logistical challenges at scale was no easy feat.  GWC also set up a fan zone throughout the duration of the tournament for all the GWC staff which witnessed a huge turnout and gave the employees a sense of what they have worked to achieve.

Strengthening Partnerships and thought-leadership

2022 was also the year where we built on longstanding partnerships and forged new ones with global strategic partners, such as with Qatar University and Ponticelli. GWC also successfully organised the second GWC Forum – “Ready for the Game” with focus on MSMEs and how they can leverage this mega sporting event to foster innovation and explore new opportunities for growth. Our esteemed panel of speakers outlined the trends they expected to see after the tournament.

Promoting Sustainability

GWC continued being a part of Qatar Sustainability Week, which serves as a platform to showcase all the work being done by the government and the private sector to protect the environment for future generations. For GWC, sustainability has been at the core of all its initiatives, whether it is a beach clean-up, and tree plantation or recycling wooden pellets to delivering a sustainable FIFA World Cup Qatar 2022™.

Recognised for excellence

GWC was recognised by the Ministry of Labour for its commitment to occupational health and safety – a cause that the Group takes very seriously. GWC through its various measures, whether it included preparing and organising periodic emergency drills, or conducting safety drills, warrants that all measures possible are taken to empower, educate and protect its employees, and contractors.

“The safety of our workers is of paramount importance to us and preventing accidents, injuries and illnesses arising out of, or occurring due to work, by eliminating or minimising the causes of hazards inherent in the working environment, remains a top priority.,” Ranjeev Menon, Group CEO, GWC, remarked.

He was also very proud of GWC being the first company in Qatar to get accredited as an Authorized Economic Operator (AEO) from Qatar’s General Authority of Customs. Speaking about it, he said, “We will now be able to offer our diversified services with quicker turnarounds and a stricter compliance to world-class safety and security standards. Getting this certificate is a testament of our due diligence in ensuring that all requirements and procedures are followed.”

The Way Forward

In 2023, GWC will strive to build on the economic momentum created by the World Cup. As always, it will also continue to work towards the Qatar National Vision 2030 goals with a strict eye on innovation and sustainability. This is an important year to focus GWC’s attention to the legacy of the World Cup and the medium- and long-term impact on the economy.

Supporting MSMEs thorough its various initiatives will be a top priority for GWC, as will be the health and safety of its employees.

“I am sure 2023 will bring with it, its own set of challenges, opportunities and never-done-before-experiences and we are ready for all that and more,” Mr. Menon added.

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