Qatar’s logistics provider GWC has concluded 2016 with a 11% jump in its net profit which soared to QAR 206 million (USD 57 million) from QAR 185.2 million (USD 51 million) the year before.
GWC (profile) has maintained its growth by increasing its operational efficiency, improving its profit margins, and actively seeking new revenue streams, drawing in gross revenues of QAR 849.5 million at the end of 2016, representing an 8% increase from QAR 787.9 million in 2015.
The company’s assets continued to develop, with total assets reaching QAR 3.74 billion by the end of December, up 26% compared to QAR 2.98 billion for the same period in 2015.
Commenting on the growth, GWC chairman, Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani, said: “Every effort has been taken to ensure that the company serves the best needs of the state of Qatar as it diversifies from oil dependency to a diversified and sustainable economy.”
GWC’s board of directors has recommended distribution of 16% dividend to the shareholders, subject to approval at the company’s General Assembly Meeting to be held on January 30.
On the 2016 performance, Sheikh Abdulla said it has moved forward on its various development initiatives last year, with its resources poured into the completion of the GWC Bu Sulba Warehousing Park.
The 517,375-square-meter facility, which is equipped to handle the varying demands of small and medium enterprises, will be ready for operation in the first quarter of 2017.
The company also saw developments in its various current facilities, with the completion of the Phase V expansion in the Logistics Village Qatar adding 45,000 square meters of storage capabilities within the one-million-square-meter fully-integrated logistics hub, in addition to new accommodation and recreational facilities.
GWC also added 64,000 square meter of fully-integrated, specialized Hazmat logistics solutions to its Ras Laffan Industrial City hub in the West Side Support Area at the beginning of 2016.
The company’s departments also made significant developments in their respective fields. GWC Contract Logistics expanded on a number of their contracts, completing the roll-out of several programs it had begun for clients in the health, retail and telecom sectors.
GWC Forwarding held on to its position as the No.1 freight forwarder in Qatar, and enhanced value for its clients’ projects by offering new products that reduce turnaround time for many shipments.
GWC Records maintained its 100% client retention record while adding clients among ministries, government authorities and financial institutions.
Meanwhile, its other units GWC Relocations, Fine Art, and Transport expanded on the types of services they offer while making significant contributions to the company’s revenues.
Beyond Qatar, GWC’s Dubai operation too has been contributing to the growth of the company in extending its reach to the UAE market and beyond.
This progression has led to the acquisition of two warehousing properties which will meet local demand and help better coordinate GWC’s international distribution operations, he stated.
In addition to its contributions to the country’s logistical infrastructure, GWC has participated in a number of initiatives to improve Qatar’s social wellbeing.