GWC reports 30% increase in net profits for H1 2015
Qatar's Gulf Warehousing Company (GWC) announced on Thursday that its net profits increased by 30% in the first half of 2015, achieving QAR 87.7 million, compared to the end of June 2014 when the figure was QAR 67.6 million.
This growth was mirrored in the company’s revenue streams, with total revenues peaking at QAR 405.7 million during the first half of 2015, which marks a 21.3% increase from QAR 334.6 million for same period in 2014.
Earnings per share rose to QAR 1.84 during this period, shaping an increase of 30% compared with the 2014 results of QAR 1.42.
GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani commented: “The road to success is paved by strong values, and by fostering the drive and tenacity to innovate and deliver we have become the logistics provider of choice in the State of Qatar.
“By providing the most comprehensive solutions and by constantly developing dynamic and flexible infrastructure, we are able to remain true to our purpose and ensure the best possible returns to our shareholders.”
The Logistics Village Qatar (LVQ) Phase 5 expansion kicked off major operations, with construction underway on the 28,500 and 17,000 square metre distribution centers, in addition to the mosque and staff accommodation. Infrastructure development and utility service line development has also begun at the site.
Leveling and compaction at the GWC Bu Sulba Logistics Park has reached its final stages, with construction set to begin by mid-August 2015.
This logistics site will boast facilities optimised for small and medium enterprises, and start-ups, in Qatar.
The Ras Laffan logistics hub expansions continues on schedule, with construction on the 15,000 square metre warehouse with specialised HAZMAT logistics specifications and capabilities 50% completed
The remaining half of the work is expected to be carried out before the end of 2015, with the hub being operational by Q1 2016.
Since entering the second half of 2015 GWC has added courier services to its service portfolio by signing an agreement to become the Authorised Service Contractor for UPS (ASC) in the State of Qatar.
GWC began offering the range of UPS services after the inauguration of its new flagship outlet located on D-Ring Road in June 2015.
Express shops were also opened in Qatar Financial Center in West Bay, Street 15 of the Industrial Area, as well as in GWC facilities in Ras Laffan and Messaieed.
This growth in projects and in constructed facilities prompted the company’s board to propose to increase the company’s capital by 25%, which is equivalent to 11,890,244 shares, at a nominal value of QAR (10) per share, and an issuing premium of QAR (28.50) per share (therefore amounting to a total of QAR 38.50 per share). This proposal was recently approved by the Companies Control Department of the Ministry of Economy and Commerce.
GWC also announced it was in the process of asking the Ministry of Economy and Commerce to approve a date to convene an Extraordinary General Assembly Meeting in order to adopt and ratify this transaction.