21/01/2016 07:53 AST
GWC, Qatar’s leading logistics provider, concluded the year 2015 with a strong and stable rate of growth of 32 percent in its net profits, achieving QR185m compared to QR140m by the end of 2014.
The company’s revenue streams had an equally consistent rise, with total revenues peaking at QR787.9m at the end of 2015, a solid 20 percent increase from QR656.9m in 2014. Earnings per share rose to QR3.89 by the end of 2015, shaping an increase of 32 percent compared with the 2014 results of QR2.95.
GWC Board of Directors has recommended a 15 percent dividend be distributed to the shareholders, which will be presented for approval during the company’s Ordinary Assembly General Meeting to be held onFebruary 14. The board also approved a recommendation to increase the company foreign ownership limit to 49 percent from the current level of 25 percent, which shall also be presented for approval during the Extraordinary Assembly General Meeting to be held on the date above.
“Thanks to the business strategies we have developed, as well as the strong foundations formed by our robust infrastructure and our human capital, the company stands strong today,” stated GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani (pictured). “Our commitment to the tenets of the Qatar National Vision 2030 provides us with the direction needed to achieve our purpose; remaining the provider of choice for logistics services in Qatar, and thereby ensuring the best possible returns for our shareholders.”
The company’s asset base grew steadily throughout 2015. The company reported an annual growth rate of 42 percent in total assets, rising to QR2.980bn in 2015 in comparison with QR2.102bn in 2014, where the RLIC West Side Service Area (WSSA) facility is nearly complete, and is on schedule to be operational in Q1, 2016, offering 15,000 sqm warehouse with specialized HAZMAT logistics specifications, in addition to open yard, bulk, and ISO Tank storage in the remainder of the facility. The Phase V development at the LVQ is also well under way, offering two new distribution centers, accommodation buildings, and a mosque to be launched in Q2, 2016.
The company has also dedicated itself to rapidly develop the GWC Bu Sulba Warehousing Park, supported by Manateq, and is well on schedule to deliver the facility in Q1 2017, with leveling and compacting operations completed, and construction of the infrastructure and superstructures underway.
The Peninsula
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