GWC posts QR50.88m net profit in first quarter

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

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.