GWC Posts QAR 172M Net Profit in 2024
•Sheikh Mohammed Bin Hamad: The results underscore the strength of our business model
•Sheikh Abdulla Bin Fahad: Our priority remains driving operational excellence
•Matthew Kearns: Expansion is the cornerstone of our growth strategy
Gulf Warehousing Company Q.P.S.C (GWC) – one of the fastest-growing businesses in the MENA region, announced its financial results for the year ended 31 December 2024. The company reported Total Revenues of QAR1.582 billion, Operating Profits of QAR306 million, and a Net Profit of QAR172 million, while earnings per share stood at QAR0.293 for the year ended on 31 December 2024. The company’s Board of Directors recommended a 10% cash dividend, at QAR 0.10 per share.
Sheikh Mohammed Bin Hamad Bin Jassim Bin Jaber Al Thani, GWC Chairman, said: “These results highlight the strength of the company’s business model and strategy which aims to deliver sustainable, long-term returns for shareholders while expanding across various sectors and regions. Notably, 2024 marks the 20th anniversary of GWC’s journey which has grown into one of the Middle East’s leading logistics providers.”
Sheikh Abdulla Bin Fahad Bin Jassim bin Jaber Al Thani, GWC Managing Director, said: “The company’s strategy is centered on driving operational efficiency, delivering world-class logistics services, expanding customer base, and strengthening GWC’s position as a trusted partner. It also focuses on enhancing operational agility, increasing the company’s presence in regional markets, and forging strategic partnerships with promising companies to ensure strong profitability. Additionally, it aims to expand into new sectors to diversify revenue streams, maintain stable cash flow, and mitigate potential risks.”
In 2024, GWC signed a Head of Terms with GFH Financial Group to develop 200,000 square meters of Grade ‘A’ logistics facilities across key locations in Saudi Arabia, including Riyadh, Jeddah, and Dammam. GWC also signed a Memorandum of Understanding (MoU) for a strategic partnership between its wholly owned subsidiary, GWC Energy Services, and Saudi Offshore Fabrication Company (OFC) to develop 100,000 square meters of Grade ‘A’ logistics facilities at Ras Al-Khair Industrial Port in Saudi Arabia.
Matthew Kearns, GWC’s Group Acting CEO, stated: “Expansion is a key pillar of the company’s growth strategy. In early 2024, GWC launched its FLAG subsidiary (100% owned company) logistics Hub at Khazaen Economic City in Oman, further strengthening its footprint across the GCC.”
Kearns noted: “Supporting micro, small and medium-sized enterprises (MSMEs) is a key pillar of GWC’s strategy, as we offer comprehensive services tailored to this sector. The launch of Al Wukair Logistics Park’s second phase marked a significant milestone in our mission to enable MSMEs, promote entrepreneurship in Qatar, and increase opportunities for local partnerships. The first two phases of Al Wukair Logistics Park have already attracted a significant number of MSMEs with more than 900 units optimized as warehousing and light industry units, solidifying Qatar’s position as a promising and attractive destination for such businesses.
In 2024, GWC has taken significant strides in enhancing its position as a leader in the logistics sector by launching a variety of initiatives and earning numerous accolades that showcase its commitment to excellence. The company remains at the forefront as the premier provider of warehousing and distribution solutions across diverse sectors, offering services to entrepreneurs, MSMEs, as well as multinational companies.
GWC is scheduled to hold its Assembly General Meeting on Wednesday 12 February 2025. The agenda will include hearing the Board of Directors’ report regarding the company’s activity and financial position during the year, as well as the external auditor’s report, and having both reports ratified. It will also discuss the company’s budget and calculate profits and losses for the fiscal year ending 31 December 2024 and ratify both of them. Additionally, the meeting will include assigning the external auditor and setting their fees, looking into clearing the board members of any possible liability and approving their ruminations, along with approving the dividend payment of QAR 0.10 per share (10%), and approving the Annual Corporate Governance Report.
