GWC to distribute 15% dividend, increases foreign ownership to 49%
The eleventh GWC Ordinary and Extraordinary Assembly General Meeting, held on Sunday, February 14th, 2016 in the Nashira 1 hall of the Hilton Hotel Doha, chaired by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani, approved the distribution of a dividend to shareholders at a rate of 1.5 QAR for each share, or 15% of the nominal value of the company’s shares. The shares will be distributed either through direct deposit on February 16th, or by visiting the branches of Masraf Al Rayan from February 17th.
Among the other resolutions reached during the Extraordinary Assembly General Meeting was the increase of the foreign ownership limit to 49% of the company’s capital, as allowed by Law No. 9 of the Year 2014 during the Extraordinary Assembly General Meeting session. In light international participation in the Qatar Exchange reaching a rate of 20 – 25% of all daily trade activity, international interest in the company’s shares remains high, the increase of the limit allows for a more brisk trade of the company’s shares in emerging markets, as well as an increase in its liquidity.
The company also ensured, with the approval of the Extraordinary General Assembly, the amendment of the company’s by-laws and Articles of Association in line with the provisions of the New Companies Act issued by the Ministry of Economy and Commerce No (11) for 2015. This came after a thorough review of the company’s compliance with the Corporate Governance Code observed in the State of Qatar, as well as the assignment of KPMG as the appointed external auditor. The general assembly also cleared the company’s board members of any possible liability, setting the proper remuneration for the board.
“GWC, by the grace of Allah, has held strong to the position of leading logistics provider in the State of Qatar,” stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani. “The company will continue to rely on the strength and stability made possible by our well-established infrastructure and by the loyalty of our client and highly skilled employee base.”
The announcement of the dividend followed a year of achievement for the company, many of which were enumerated at the meeting. The company’s Contract Logistics, Freight Forwarding, RMS and IMRS departments had captured the majority of the market share in the State of Qatar, while the addition of GWC Equestrian and UPS to the company’s service portfolio had already provided highly reliable returns. Meanwhile, the GWC Sports logistics department had delivered the logistical requirements for nearly all the major sporting events in Doha during the year 2015. On the infrastructure front, the GWC Bu Sulba Logistics Park remains right on schedule for delivery in the first quarter of 2017.
The company had achieved net profits of QAR 185.2 million in 2015, which in comparison with the net profits listed for 2014 of QAR 140.3 million, was an increase of 32%. Additionally, the company’s earnings per share had reached QAR 3.89 in 2015, whereas the earnings per shares for 2014 were 2.95 QAR, indicating a growth in earnings per share of 32%.
This commitment to excellence has earned GWC widespread accolades, not least of which was winning the award for Leading Domestic Logistics Service Provider of the Year 2016 at the renowned GIL Global Best Practices Awards, held by Frost and Sullivan at Al-Khobr, Kingdom of Saudi Arabia just the week before the meeting.
“Our commitment to the diversification of the economy and the tenets of the Qatar National Vision 2030 has served us well, making us the largest provider of Qatar’s private logistics infrastructure,” concluded GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani.
“We remain committed to seek out new markets and gain new business opportunities and new rewarding partnerships, confident that in so doing we will remain on the path towards continued growth in the near future and far, God willing.”
