23/10/2016 05:58 AST
GWC, a leading logistics provider in Qatar, has reported a net profit of QR150 million ($41 million) in the third quarter of 2016, up 11 per cent over QR135 million ($37 million) for the same period last year.
The company’s total revenues also grew to QR634 million at the end of the quarter, registering a four per cent increase from QR608 million in the first three quarters of 2015.
The company’s assets continued to balloon with its total value reaching QR3.61 billion by the end of September compared to QR2.981 billion at the end of December 2015, representing a 21 per cent growth.
Commenting on the performance, GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani, said: "On the path to achieving the tenets of the Qatar National Vision 2030 and ensuring our shareholders the best possible returns, GWC’s growth is a direct result of our long-term plans and strategies, as well as our continued commitment towards our clients and developing bespoke infrastructure in the State of Qatar."
Developments at the company’s various facilities continue to move according to schedule, with the GWC Bu Sulba Warehousing Park at 87 per cent rate of completion and on track for launch in the first quarter of 2017.
According to him, the finalisation of the LVQ Phase V construction is also underway, with the 17,500 sq m distribution centre, mosque, and recreational area completed by the end of the quarter, and the 28,000 sq m warehouse set to be completed by the end of November.
Meanwhile, the company’s various service offerings and departments continue to attract new revenue sources, stated Sheikh Abdulla.
GWC Contract Logistics and Hazmat began work this quarter with a new transportation industry client, providing regular and Hazmat storage as well as open yard services, said a statement from the Qatari firm.
The contract logistics department also expanded the scope of several of its existing service agreements, including those in retail and food distribution and storage. GWC Forwarding has signed on to provide a new chemical production client door-to-door logistics contract, shipping their hazardous and non-hazardous material in and out of the country, it stated.
GWC Transport launched the services for a project providing a company in the chemical sector highly specialized transportation solutions for the movement of caustic soda and hydrochloric acid safely and securely within the country.
The department procured 8 liquid chemical tankers dedicated for the use of this project.
GWC Relocation aided a well-known local real-estate property development by moving high-value furniture from existing apartments to new model apartments for display purposes as part of their push for tenants, said the top official.
The department also assisted in the movement of servers for a government authority, while continuing to perform their contract for the internal relocation of medical equipment and furniture on behalf of a healthcare client, it added.
GWC Sports was signed on to perform the venue management and sports logistics requirements of a major international event taking place this fall in Qatar, while GWC Fine Art also landed two new major exhibitions held in Doha.
"The developments and growth achieved in GWC’s various departments is a signal of the stable position the country holds amidst a changing economic climate, and of our readiness to serve as the country’s leading provider of innovative logistics and supply chain solutions,” remarked Sheikh Abdulla.
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