(MENAFN- Gulf Times) Driven by "robust growth" in the company's revenue streams, Gulf Warehousing Company (GWC) has seen its half yearly net profit scaling up to QR87.7mn, a 30% increase compared to the same period last year.
In the first half of last year, GWC had registered a net profit of QR 67.6mn.
Qatar's leading logistics provider earned revenue of QR405.7mn in the first half of this year, up 21.3% on QR334.6mn in H1, 2014.
Earnings per share (EPS) rose to QR1.84 in H1, compared with QR1.42 in the same period last year.
"The road to success is paved by strong values, and by fostering the drive and tenacity to innovate and deliver, we have become the logistics provider of choice in Qatar," stated GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-Thani.
"By providing the most comprehensive solutions and by constantly developing dynamic and flexible infrastructure, we are able to remain true to our purpose and ensure the best possible returns to our shareholders," he added. The Logistics Village Qatar (LVQ) Phase 5 expansion has kicked off major key operations, with construction begun on the 28,500 and 17,000sq m distribution centres in addition to the mosque and accommodation. Infrastructure development and utility service line development has also begun at the site.
Levelling and compaction at the GWC Bu Sulba Logistics Park has also reached final stages, with construction on the site set to begin by mid-August, GWC said. The over half a million square meter logistics site will boast the latest in warehouse and distribution management systems, technology, and facilities optimised for small and medium enterprises and start-ups in Qatar.
The Ras Laffan logistics hub expansions continues on schedule, with construction on the 15,000sq m warehouse with specialised Hazmat logistics specifications and capabilities is half way complete.
The remaining work is expected to be completed before end-2015 and to be made operational by Q1, 2016, the company said.
Recently, GWC added courier services to the company's service portfolio as it signed an agreement to become the authorised service contractor for UPS in Qatar. GWC began offering the range of UPS services after the inauguration of its new flagship outlet located on D-Ring Road in June.
Express shops were also opened at the Qatar Financial Centre in West Bay, Industrial Area (Street 15) as well as in GWC facilities in Ras Laffan and Messaieed.
"This unprecedented growth in projects and in constructed facilities prompted the company's board to propose to increase the company's capital by 25%, which is equivalent to 11,890,244 shares, at a nominal value of QR10 per share, and a premium of QR28.50 per share. The proposal has been approved by the Department of Companies Control at the Ministry of Economy and Commerce in the second quarter.
The company also announced that it was in the process of getting the Ministry of Economy and Commerce to approve a date to convene an Extraordinary General Assembly Meeting in order to adopt and ratify this transaction. The date of the assembly will be announced later.
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