GWC posts $15.5m net profit in Q1

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GWC posts $15.5m net profit in Q1

Apr 17, 2018 8:47 AM

GWC a leading logistics provider in Qatar has posted net profits of QR56.7 million ( 15.5 million) during the first quarter of 2018 as compared to QR 50.5 million by the end of the same period in 2017...

GWC, a leading logistics provider in Qatar, has posted net profits of QR56.7 million ($15.5 million) during the first quarter of 2018, as compared to QR 50.5 million by the end of the same period in 2017, marking a rise of 12 per cent.

The company’s revenue streams gained QR 311.6 million at the end of the quarter, as compared with QR222.7 million in the first quarter of 2017, a 40 per cent increase. Earnings per share also increased to QR 0.97 by the end of Q1 2018, a 12 per cent increase from QR0.86 at the end the same period in 2017.

“Our commitment to the diversification of the economy and the objectives of the Qatar National Vision 2030 has served us well, making us the largest provider of Qatar’s private logistics infrastructure,” stated GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani.

“With its proven foundations of infrastructure and innovative systems and solutions, the company has stood by the nation through the extraordinary circumstances it experienced lately, realizing our purpose to remain the provider of choice for logistics services in Qatar, and thereby ensuring our shareholders the best possible returns.”

GWC’s achieved this growth due to increasing operational and financial efficiencies, as well as expanding on its existing contract base. The company also completed key Fine Art logistics projects within Qatar, including a major operation at the national airport.

Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani stated: “The company will continue to rely on the strength and stability made possible by our well-established infrastructure and by our highly skilled and loyal employee base as we set our strategies for the future,” Sheikh Abdulla said. – TradeArabia News Service

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