GWC declares 9% Growth in 1st half 23’ Revenues despite headwinds
Gulf Warehousing Company Q.P.S.C. (GWC) announced the results for the first half of 2023, realizing a total 9% Revenues’ growth YoY at QAR 786 million, making a growth of 14% in Gross Profits at QAR 235 million, and a net profit of QAR 115 million. Earnings per share at QAR 0.196 during the same period ending on 30 June 2023.
This accomplishment is realized despite the global financial and economic headwinds caused by the surge in lending and borrowing Profit rates and the slowdown in trade.
“The first half of 2023 was full of achievements, as we continue to focus was on growing the company’s business, diversifying sources of income, and building long-term relationships, along with human capital development. As we enter the second half of 2023 and getting closer to the go-live of second Phase of Al Wukair Logistics Park, we look forward for more successes, continuing our quest for growth, and contributing to the realization of Qatar National Vision 2030.”
Remarked Sheikh Abdulla Bin Fahad Bin Jassem Bin Jaber Al-Thani, Chairman, GWC.
In April 2023, GWC launched GWC Energy Services, a wholly owned subsidiary focused at providing the oil & gas sector with dedicated and bespoke services. This was followed by signing a strategic agreement with renowned global leader in the maritime industry Louis Dreyfus Armateurs (LDA) to support offshore energy services thus opening the pathway for significant opportunities in the maritime sector.
“We are delighted to present significant strides in achieving our strategic growth plan, which has solidified GWC Group’s position as prominent leaders in the regional logistics industry. Our strategic approach, driven by cutting-edge technology and employee development, reinforces our conviction, as we continue to deliver exceptional solutions and progress with utmost determination.” commented Ranjeev Menon, Group CEO, GWC.