GWC posts QR50.88mn net profit in first quarter

Gulf Warehousing Company posted a net profit of QR50.88mn in the first quarter of the year, the company said on Tuesday.The company earned gross revenues of QR375.73mn, earnings per share of QAR 0.087, and total assets of QR5.07bn during the same period.GWC chairman Sheikh Mohamed bin Hamad bin Jassim bin Jaber al-Thani said: "The first-quarter results underscore the company’s financial position strength, and the business model fostering organisational 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 specialised 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.”GWC managing director Sheikh Abdullah bin Fahad bin Jassim bin Jaber al-Thani 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.Sheikh Abdullah 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.”GWC Group CEO Ranjeev Menon 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.”