Qatar: GWC posts $14mln net profit in first quarter

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Doha, Qatar: Gulf Warehousing Company (GWC), one of the fastest-growing firms in the MENA region, has announced its financial results for the first quarter of 2024.

During the three-month period ending 31 March 2024, the company posted net profits of QR50.88m, gross revenues of QR375.73m, earnings per share of QR0.087, and total assets of QR5.07bn for the same period.

Shaikh Mohammed bin Hamad bin Jassim bin Jaber Al Thani, GWC Chairman, said: “The first-quarter results underscore the company’s financial position strength, and business model fostering organizational agility necessary to attract promising investment opportunities. GWC is actively implementing a strategic plan to drive growth in line with the Third National Development Strategy (NDS3) 2024-2030 which aims to reinforce Qatar’s position as a global logistics hub and position its logistics cluster as a specialized e-commerce distribution hub, focusing on re-exporting high-value items to reach up to QR52bn in re-exports by 2030.”

He added: “The launch of Al Wukair Logistics Park’s second phase represented a significant milestone in our mission to enable micro, small and medium enterprises in Qatar and the region. This modern facility is not just a logistics hub; it is a catalyst for economic growth, fostering entrepreneurship and facilitating the rapid growth of start-up businesses.”

Sheikh Abdulla bin Fahad bin Jassim bin Jaber Al Thani, GWC Managing Director, said: “GWC is committed to completing its current and planned projects in order to maximise returns for its shareholders.

With a strong focus on improving operational efficiency and pioneering innovative solutions and initiatives, the company remains focused on evaluating emerging investment opportunities.

He noted the promising prospects for the Qatari economy, underscoring GWC’s dedication to contributing to its rapid development and bolstering various economic sectors.”

He added: “GWC has achieved a significant milestone by being the logistics services provider for Expo 2023 Doha, given its strong track record in providing integrated logistics services for major global events, including the FIFA World Cup Qatar 2022."

"Expo 2023 Doha kicked off on October 2, 2023, and ran for 179 days until March 28, 2024.”

Ranjeev Menon, GWC Group CEO, said: “Further expansions include launching GWC’s FLAG subsidiary (100% owned company) logistics Hub at Khazaen Economic City in Oman." "FLAG is the first company to launch at Khazaen Economic City, which is strategically located to transport links and borders. FLAG Oman is set to become a vital hub, connecting powerhouse locations across the region, including Muscat, Doha, Bahrain, Jeddah, Riyadh, and Dubai. It provides a platform, uniting Oman with the GCC, and the GCC with the rest of the world.”