GWC posts 15pc increase in H1 net profit

24/07/2016 06:14 AST

GWC, a leading leading logistics provider in Qatar, has reported a steady net profit growth of 15 per cent in the first half of 2016.

The company achieved a net profit of QR101.3 million ($27.79 million) in H1 compared to QR87.7 million during the same period in 2015.

The company’s revenue streams had an equally consistent rise despite challenging market conditions, with total revenues recording QR430.1 million, an 8 per cent increase from QR397.9 million in the first half of 2015.

The earnings per share was QR1.76 as compared to QR1.70 during the same period of 2015. The company’s assets continued to develop, with total assets reaching QR3.297 billion by the end of June 2016, compared with QR2.981 billion at the end of December 2015, representing an 11 per cent growth.

“By exploring new markets and maintaining our commitment to the tenets of the Qatar National Vision 2030, we continue to achieve our purpose and remain the provider of choice for logistics services in Qatar, and thereby ensuring our shareholders the best possible returns,” stated GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al-Thani.

Meanwhile, the GWC Bu Sulba Warehousing Park has completed 65 per cent of construction at the site, keeping it on track for launch on time, with a significant number of clients already signed in for warehousing space and services.

GWC Contract Logistics signed on a number of important contracts in new consumer sectors, while GWC Forwarding performed a number of important charters for major clients in the oil and gas sector, the company said.

GWC Records, Transport, and Fine Art handling also scored major contracts reaffirming the company’s position as the provider of choice for logistics and supply chain solutions, it said.

Trade Arabia