Gulf Warehousing Company (GWC) finished the third quarter of 2016 with an increase of 11% in its net profits, achieving QAR150 million, as compared to QAR 135 million by the end of the same period in 2015.
The company’s total revenues also grew to QAR634 million at the end of the quarter, a 4 % increase from QAR608 million in the first three quarters of 2015. The company’s assets continued to develop, with total assets reaching QAR3.61 billion by the end of September 2016, compared with QAR2.981 billion at the end of December 2015, representing a 21% growth.
Developments at the company’s various facilities continue to move according to schedule, with the GWC Bu Sulba Warehousing Park at 87% rate of completion and on track for launch in Q1 2017. The finalization of the LVQ Phase V construction is also underway, with the 17,500 sqm distribution center, mosque, and recreational area completed by the end of the quarter, and the 28,000 sqm warehouse set to be completed by the end of November 2016.
Meanwhile, the company’s various service offerings and departments continue to attract new revenue sources. GWC Contract Logistics and Hazmat began work this quarter with a new transportation industry client, providing regular and Hazmat storage as well as open yard services. The contract logistics department also expanded the scope of several of its existing service agreements, including those in retail and food distribution and storage. GWC Forwarding has signed on to provide a new chemical production client door-to-door logistics contract, shipping their hazardous and non-hazardous material in and out of the country.
GWC Transport launched the services for a project providing a company in the chemical sector highly specialised transportation solutions for the movement of caustic soda and hydrochloric acid safely and securely within the country. The department procured 8 liquid chemical tankers dedicated for the use of this project.
GWC Relocation aided a well-known local real-estate property development by moving high-value furniture from existing apartments to new model apartments for display purposes as part of their push for tenants. The department also assisted in the movement of servers for a government authority, while continuing to perform their contract for the internal relocation of medical equipment and furniture on behalf of a healthcare client.
GWC Sports was signed on to perform the venue management and sports logistics requirements of a major international event taking place this fall in the State of Qatar, while GWC Fine Art also landed two new major exhibitions held in Doha.
GWC Chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor Al-Thani said:
The developments and growth achieved in GWC’s various departments is a signal of the stable position the country holds amidst a changing economic climate, and of GWC’s readiness to serve as the country’s leading provider of innovative logistics and supply chain solutions.’