GWCS ups foreign ownership to 49%, to distribute 15% dividend

15/02/2016 08:00 AST

Gulf Warehousing Company (GWC)’s extraordinary general meeting approved a resolution increasing the foreign ownership of the company’s capital to 49% “as allowed by Law No.9 of 2014”.

The shareholders also approved the distribution of dividends to shareholders at a rate of QR1.5 a share, or 15% of the nominal value of the company’s shares.

“The shares will be distributed either through direct deposit on February 16, or by visiting the branches of Masraf Al Rayan from February 17,” GWC said.

The 11th GWC Ordinary and Extraordinary Assembly General Meeting at the Hilton Hotel Doha yesterday was chaired by chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor al-Thani. GWC said international interest in the company’s shares “remains high” as international participation in the Qatar Stock Exchange reached a rate of 20% to 25% of all daily trading activity.

“The increase of the limit allows for more brisk trade of the company’s shares in emerging markets, as well as an increase in its liquidity,” GWC said.

Sheikh Abdullah said, “GWC has held strong to the position of leading logistics provider in the state of Qatar. 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.”

GWC’s Contract Logistics, Freight Forwarding, RMS, and IMRS Departments had captured the majority of the market share in Qatar, while the addition of GWC Equestrian and UPS to the company’s service portfolio already provided “highly-reliable returns.”

Meanwhile, the GWC Sports Logistics Department delivered the logistical requirements for nearly all the major sporting events in Doha last year. On the infrastructure front, the ‘GWC Bu Sulba’ Logistics Park “remains right on schedule” for delivery in the first quarter of 2017. The company’s net profits reached QR185.2mn in 2015, a 32% increase compared to QR140.3mn recorded in 2014. Earnings per share reached QR3.89 in 2015, a 32% gain compared to QR2.95 in 2014.

GWC’s “commitment to excellence” has earned widespread accolades, including the award for “Leading Domestic Logistics Service Provider of the Year 2016” at the GIL Global Best Practices Awards held by Frost & Sullivan at Al Khobar in Saudi Arabia last week. “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,” Sheikh Abdulla stressed.

“We remain committed to seeking out new markets and gain new business opportunities, and new rewarding partnerships, with the confidence that in so doing, we will remain on the path towards continued growth in the near future and far, God willing.”

Gulf Times