Qatar- GWC net profit up 15 to QR46.5m

Date

4/21/2016 1:22:48 PM

(MENAFN- The Peninsula)

DOHA: GWC Qatar’s leading logistics provider yesterday announced net profit of QR46.5m for the first quarter of 2016 showing growth of 15 percent compared to QR40.4m by the end of the same period in 2015.

The company’s revenue streams had an equally consistent rise with total revenues peaking at QR220m at the end of the quarter a 14 percent increase from QR192.3m in the first quarter of 2015. The company’s assets continued to develop with total assets reaching QR3.078bn by the end of March 2016 compared with QR2.981bn at the end of December 2015 representing 3 percent growth.

“Every effort has been taken to ensure that the company moves in line with the direction taken by the nation so we may continue to grow organically within the currently provided environment directly serving its needs” said GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al Thani (pictured).

“Our commitment to the diversification of the economy and the tenets of the Qatar National Vision 2030 provide us the direction needed as we strive to achieve our purpose remaining the provider of choice for logistics solutions in Qatar and thereby ensuring our shareholders the best possible returns” he said.

On the operational side the RLIC West Side Service Area (WSSA) facility was completed on schedule and made operational in Q1 of 2016 offering 15000 square metre warehouse with specialised Hazmat logistics specifications in addition to open yard bulk and ISO Tank storage in the remainder of the facility. The Logistics Village Qatar Phase V development at the LVQ is nearing completion and will offer a new 17500 square metre distribution center two accommodation buildings and a mosque by the end of Q2 of 2016 with a second 28000 square meter warehouse to be launched by the end of August 2016.

The GWC Bu Sulba Warehousing Park meanwhile has achieved several important milestones completing 40 percent of construction operations at the site while boasting an impressive safety record at the site to boot. The company has recently awarded one of its contractors for “One Million Man Hours without Lost Time Injury” ensuring GWC’s commitment to the highest standards of Quality Health Safety and the Environment.

For its continued commitment to excellence in performance and service provision the company was recognised by a number of international transport sector parties in the first quarter of 2016; as International market research consultants Frost and Sullivan named GWC “Leading Domestic Logistics Service Provider of the Year 2016” for the second year in a row during their seventh annual GIL Global Best Practices Awards.The Peninsula

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