(MENAFN- The Peninsula) Gulf Warehousing Company (GWC) announced a 40 percent jump in first quarter net profit yesterday. The company made a profit of QR40m in the three months to March 31, up from QR28.9m in corresponding quarter last year.
This strong push forward was reflected in the company's revenue streams, with total revenues peaking at QR196m during the first quarter of 2015, a 28 percent increase from QR152.9m for Q1 2014, said the company. Earnings per share rose to QR0.85 during this period, marking an increase of 39 percent compared with the 2014 results of QR0.61.
"Our path to success has always been paved by backing our comprehensive service offerings with robust infrastructure capable of meeting the nation's ever growing demands for logistics solutions," said Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani (pictured), Chairman, GWC. "This purpose-driven commitment to operational excellence, support of the Qatar National Vision 2030, and dedication to our shareholders shall assure the best possible returns for all stakeholders in the company."
The Logistics Village Qatar (LVQ) Phase 5 Expansion is well underway, with tenders awarded and kick-off begun for the two main distribution centres, accommodation, and the masjid will be added. The Bu Sulba Logistics Hub has meanwhile begun site preparation and mobilised for the execution of the construction of the SME-centric facility, which is expected to be completed in the first quarter of 2017. The over half a million sqmlogistics site will boast the latest in warehouse and distribution management systems, technology, and facilities optimised for small and medium enterprises and start-ups in the State of Qatar.
GWC's industry specific Ras Laffan logistics hub continues its expansion as well, with construction already begun for its 15,000 sqm warehouse. The newly developed warehouse will boast 1,500 sqm Hazmat storage area, and a mix of 20€50 tonne overhead cranes, allowing for bulk, rack, and Hazmat storage in one facility, and will add 1,700 sqm of ISO tank storage facilities for bulk chemical storage and 26,000 sqm of open yard storage. The expansion is expected to be completed in January 2016.
"We are privileged that the achievements our company has made and the people we have selected to execute our vision for the company and the industry have been so richly and openly rewarded," said Sheikh Abdulla. "We will carry on our way in setting the highest standard of logistics offerings in the industry and enduring the company's position as the service provider of choice in the country and the region."
This commitment to returns is exemplified across all sectors of GWC, as the company works towards a variety of vertical and horizontal expansions to its service line.
The company's contract logistics department has scored major contracts in the medical, cultural, telecommunications, and oil and gas sectors; while the company's freight department has successfully executed some of its most challenging project logistics operations to date.
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