GWC posts half yearly net profit of US$27.5 million

Gulf Warehousing Company (GWC) has announced its financial results for the first half (H1) of 2024, ending on 30 June 2024. The company reported total revenues of US$205.5 million, a net profit of US$27.5 million, and earnings per share of US$0.047.

Shaikh Mohammed Bin Hamad Bin Jassim Bin Jaber Al Thani, GWC chairman, stated: “The financial results for the first half of this year underscore GWC’s strong financial position and ability to maximise profits. The company is implementing a strategic plan to enhance performance and solidify its position as Qatar's leading logistics and supply chain solutions provider. GWC aims to increase shareholder value and provide a comprehensive range of high-quality logistics solutions.”

Sheikh Abdulla Bin Fahad Bin Jassim Bin Jaber Al-Thani, GWC Managing Director, added: “GWC is expanding its regional and global presence through a network of subsidiaries. This strategy allows us to seize new opportunities, strengthen our market position, and diversify revenue streams by offering specialised supply chain and logistics services. Additionally, the company seeks new arenas to enter, allowing well-studied business opportunities to enhance its revenue streams.”

Ranjeev Menon, GWC Group CEO, commented: “We aim to expand into new sectors and markets, build long-term partnerships, and develop human capital while focusing on innovation, sustainability, and digital transformation. GWC has constructed over 4 million square metres of logistics infrastructure, serving various sectors on a 3PL and 4PL basis. Our projects include specialised hubs for vital industries like oil and gas in Ras Laffan and Messaieed industrial cities.”

The launch of GWC Energy and the second phase of Al Wukair Logistics Park align with Qatar National Vision 2030, stimulating economic growth and fostering entrepreneurship. GWC remains the premier provider of warehousing and distribution solutions across diverse industries.

Read More: GWC Reports 9% Growth in First Half Revenues for 2023 Despite Headwinds