Qatar: GWC posts $27.58mln net profit in H1

Doha, Qatar: Gulf Warehousing Company (GWC) – one of the fastest-growing businesses in the MENA region, has announced its financial results for the first half (H1) of 2024 (six-month period ending on 30 June 2024), the company reported total revenues of QR748.3m, and a net profit of QR100.4m, while earnings per share stood at QR0.171 for the same period.

Sheikh Mohammed bin Hamad bin Jassim bin Jaber Al Thani, GWC Chairman, said: “The financial results for the first half of this year underscore the strength of GWC’s financial position and its ability to maximize profits. The company is actively implementing a strategic plan to improve its performance and solidify its position as the leading provider of logistics and supply chain solutions in Qatar. GWC aims at increasing shareholder value and providing a comprehensive range of high-quality logistics solutions and services, while continuing to achieve further milestones”.

Sheikh Abdulla bin Fahad bin Jassim bin Jaber Al Thani, GWC Managing Director, said: “In terms of international operations, GWC actively expands its presence in regional and global markets through global network and subsidiaries. This strategy positions us to seize new opportunities, strengthen our market position, and diversify revenue streams by offering specialized and integrated supply chain and logistics services to clients in various industries. Additionally, the company is seeking new arenas to enter as part of its business diversification strategies, allowing for new, well-studied business opportunities to be a part of its revenue streams”.

Ranjeev Menon, GWC Group CEO, said: “We seek to expand into new sectors and markets, build long-term relationships with partners, develop human capital, while focusing on innovation, sustainability, and digital transformation. We are also committed to effectively managing our investment portfolio to solidify our leadership in integrated supply chain solutions."

“As the largest private sector developer of logistics hubs in the region, GWC has constructed over 4 million square meters of world-class logistics infrastructure. These hubs serve both local and international clients across various sectors, including aviation, telecommunications, fine art, and records, on a 3PL and 4PL basis. We continually bid on new projects and management agreements, with specialized hubs catering to vital industries like oil and gas in Ras Laffan and Messaieed industrial cities”.

The launch of GWC Energy, a wholly owned subsidiary of GWC Group, represents a pivotal step in leveraging growth opportunities in the energy sector, especially with the ongoing North Field Expansion Project, the largest gas project under construction in the world. Moreover, the launch of Al Wukair Logistics Park’s second phase is a key milestone in the company’s strategy to enhance performance and support micro, small, and medium-sized enterprises. This initiative aligns with Qatar National Vision 2030, stimulates economic growth, and fosters entrepreneurship and growth opportunities for start-ups.

GWC remains at the forefront as the premier provider of warehousing and distribution solutions across diverse industries. The company’s comprehensive services cater to entrepreneurs, MSMEs, and MNCs, as it manages billions of customer documents throughout their lifecycle in advanced storage facilities, provides land, air, and sea freight services, along with customs clearance, project logistics, and international moving and relocations. Additionally, GWC manages the State of Qatar’s largest fleet, boasting over 1,600 trucks, trailers, and specialized vehicles, while also providing marine services, facilitated through established subsidiaries, include shipping agency services, liner representation, port agency services, cruise ship hosting, and husbandry services.

As the Authorized Service Contractor (ASC) for UPS in Qatar, GWC strategically expands the courier giant’s market share through the utilization of its logistics infrastructure.

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