(MENAFN- The Peninsula) Gulf Warehousing Company (GWC), Qatar's leading logistics provider, has recorded a strong 38 percent increase in net profits throughout the year, achieving QR140.3m by the end of the fiscal year 2014, as compared to QR101.6m at the close of 2013.
This was largely attributed to strong revenue streams, with total revenues peaking at QR673.3m during 2014, a remarkable increase from QR527.3m for the year 2013, or up 28 percent.
Earnings per share rose to QR 2.95 at the end of 2014, a remarkable increase of 38 percent compared with the 2013 results of QR 2.14.
GWC's assets also saw exponential growth in 2014, rising to QR2.102bn in total assets, a growth of 11.8 percent in comparison to its holdings in 2013, which amounted to QR1.879bn. GWC approached its assets strategically, making expansion decisions that would best benefit the market and its clientele. Therefore, the Bu Sulba Logistics Hub has immediately formed one of the company's biggest achievements in 2014, winning the contract for the 517,376 sqm site, making it one of the company's biggest sites constructed to date, second only to the Logistics Village Qatar.
Additionally, the Logistics Village Qatar (LVQ) developed a further 81,000 sqm, adding to an already impressive array of warehousing and distribution infrastructure during its fourth phase expansion during last year's third quarter. The company intends to further supplement its one-stop shop immediately operational with fully integrated logistics infrastructure through a fifth expansion phase that is at the tendering stage.
GWC also expanded on its industry specific assets, working to add nearly 65,000 sqm of facilities at its Ras Laffan Industrial City (RLIC) site, which will provide a new temperature controlled warehouse, a new open yard, and one of the first ISO tanks in the nation.
"This constant development of our assets as well as seeking to meet our client needs are part of an overarching strategy to ensure that our stakeholders see constant returns on their investment," said GWC Chairman Sheikh Abdulla Fahad JJ Al Thani (pictured).
"Our long-term strategies will see us continue to develop on our current assets while exploring new avenues and markets ready for expansion and exploration," he added.
The company's investments have shown strong dividends, and have made remarkable gains in all departments of the company, including contract logistics and freight forwarding, earning major contracts with clients in the oil and gas field as well as other sectors.
The RMS market continues to dominate the market, serving nearly all financial institutions in the country and entering the medical records field just this year with two major contracts with national health providers.
International Moves and Relocations continued to expand its operation, and continues to maintain a 98 percent satisfaction rate on all moves, which have included full-office tower moves.
Fine Art Logistics has taken steps to ensure its position as the country's preferred fine art movers, and have therefore gained several national art installation and movement contracts. The transport department, meanwhile, added to its assets by establishing a container repair service offered directly to its clients through the LVQ site.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.