Qatar’s logistics leader Gulf Warehousing Company (GWC) has posted a first-half (H1) net profit of QR115 million ($31.6 million) on the back of a 9% increase in revenues at QR786 million ($271 million) despite global headwinds. 

 

The economic and financial slowdown were caused by a surge in lending and borrowing profit rates and a slowdown in trade.

 

The company’s gross profit grew 14% to QR235 million. Earnings per share stood at QR0.196 for the same period ending June 30, 2023.

 

Full of achievements

“The first half of 2023 was full of achievements, as we continue to focus was on growing the company’s business, diversifying sources of income, and building long-term relationships, along with human capital development. As we enter the second half of 2023 and getting closer to the go-live of second Phase of Al Wukair Logistics Park, we look forward for more successes, continuing our quest for growth, and contributing to the realisation of Qatar National Vision 2030,” remarked Sheikh Abdulla Bin Fahad Bin Jassem Bin Jaber Al-Thani, Chairman, GWC.

 

In April 2023, GWC launched GWC Energy Services, a wholly owned subsidiary focused at providing the oil and gas sector with dedicated and bespoke services. 

 

This was followed by signing a strategic agreement with renowned global leader in the maritime industry Louis Dreyfus Armateurs (LDA) to support offshore energy services thus opening the pathway for significant opportunities in the maritime sector.

 

"We are delighted to present significant strides in achieving our strategic growth plan, which has solidified GWC Group's position as prominent leaders in the regional logistics industry. Our strategic approach, driven by cutting-edge technology and employee development, reinforces our conviction, as we continue to deliver exceptional solutions and progress with utmost determination," commented Ranjeev Menon, Group CEO, GWC.-- TradeArabia News Service