GWC Earns QAR 215.5 million in Net Profits
Gross revenues reached QAR 966.9 million
GWC (Q.P.S.C.), Qatar’s leading logistics provider, concluded 2017 with an increase of 4.7% in net profits with QAR 215.5 million, as compared with QAR 205.7 million in 2016. The company has maintained its growth when many others experienced decline, in light of the events of 2017, and despite extraordinary trading conditions, the Company has, through its well-founded infrastructure and innovative systems and solutions, and by actively seeking new revenue streams, drawn in gross revenues of QAR 966.9 million at the end of 2017, representing 13.8% increase from QAR 849.5 million in 2016. The company’s assets continued to develop, with total assets reaching QAR 3.774 billion by the end of December 2017, compared with QAR 3.741 billion at the end of December 2016.
GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani stated that: “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 has moved forward on its various development initiatives in 2017, not the least of which is the launch of the GWC Bu Sulba Warehousing Park, the first of the country’s public-private partnerships to bear fruit. With an area of 517,375 square meters, the Park was completed and launched on schedule, and has provided the nation’s burgeoning SME sector with the best logistics infrastructure possible at the most competitive of pricing, achieving major occupancy of the Park since its opening earlier in 2017.
The company also 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 125,000 square meters, creating – in record time – a dedicated logistics supply base for a client in the Oil & Gas sector.
GWC has also been successful within the country’s various business sectors and industries, among them food retail, FMCG, and Oil & Gas. The Company fulfilled its nationalistic duty by being of instrumental service to its clients during the food management crisis, entering into a number of emergency contracts with them with our Contract Logistics, Forwarding, and Transport departments providing innovative solutions to handle the hundreds of incoming charter flights through the rest of the year.
GWC Contract Logistics also saw success in 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. GWC Forwarding, meanwhile, made a major foray into various industry sectors, serving the telecom industry as well as the most number of Oil & Gas companies than any provider in the country, while making use of the newly opened and expanded sea ports in the country. Thanks to a collaborative effort between the Forwarding and Transport departments, the use of the Company’s extensive fleet has been able to serve the business community and customer. Additionally, the Transport department carried out more trips in 2017 than prior years, resulting in the highest profitability in the company’s history.
GWC Records has meanwhile continued to widen its client base, particularly in the government sector with a major focus on digitization as a customer value proposal. The Company’s other niche departments, such as Fine Arts, Equestrian, and Sports, have also worked diligently to bring in a number of projects while working on the nation’s biggest events. In our endeavor as the authorized service contractor for UPS, we have pursued an aggressive growth path, penetrating the market even further, a strategy which also helped us sign a contract with Qatar Post to power their “Global Priority” service through the UPS network.
The company’s successes in 2016, both financial and operational, earned widespread industry acclaim and recognition, earning GWC the “Qatar Success Award” from Forbes Middle East earlier in the year. Its constant dedication towards fulfilling the company’s corporate responsibility meanwhile earned GWC the CSR Leadership award during the National CSR Report Launch. To maintain the company’s excellence in operations, the company underwent all audits necessary to ensure it met all ISO standards, in addition to earning the FIDI Accreditation for International Movers in the year 2017.
Considering the breadth of the company’s success, and to reward the trust the shareholders have placed in GWC, the company’s Board of Directors has recommended that a cash dividend of QAR 1,7 per share (17%) be distributed to the shareholders, which will be presented for discussion and approval during the company’s Annual General Meeting to be held on February 5, 2018.
