(MENAFN- The Peninsula) The Gulf Warehousing Company (GWC), a leading provider of integrated logistics services in Qatar, yesterday held its Annual General Assembly (AGM) and approved all the agenda, including the proposed distribution of a 15 percent cash dividend (at a rate of QR1.5 per share) to its shareholders.
"These dividends represents the importance we dedicate to ensure continued returns on investments for our shareholders," said Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani, Chairman of GWC.
The company recorded a strong 38 percent increase in net profits during the last financial year ended December 31, 2014, achieving QR140.3m ($38.53m) as compared to QR101.6m ($27.90m) in 2013. This was largely attributed to strong revenue streams, with total revenues peaking at QR673.3m ($184.9m) during 2014, a remarkable increase from QR527.3m ($144.8m) for the year 2013, or up 28 percent.
Earnings per share (EPS) rose to QR2.95 at the end of 2014, a remarkable increase of 38 percent compared with the 2013 results of QR2.14. Additionally, in the AGM, the external auditors KPMG explained details from their audited financial report for the fiscal year 2014.
The chairman said that to their report by providing details about the company's achievements and business in 2014. Among these achievements was the growth experienced by the transport, contract logistics, records management and fine arts departments at the company. The company also saw continued expansion of its assets, including the completion of the fourth expansion phase in the Logistics Village Qatar, while tendering for the fifth expansion phase commenced, in addition to the continuing expansion and development of the company's assets at the Ras Laffan Industrial City site. "The company is committed to seek out new markets and gain new business opportunities and new rewarding partnerships," he added.
The assembly also cleared the board members of any possible liability as well as the remuneration of the company's board of directors. They also approved the assignment of KPMG as the external auditor. Finally, the assembly elected the previous board members for a period of three years and elected Ali Abdulatif Al Misnad as an Independent board member under the supervision of the representatives from the Ministry of Economy and Commerce.
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