Logistics firm reports double-digit profit

17 January 2019
Logistics firm’s board has recommended a 19 per cent cash dividend to shareholders

GWC Logistics generated QR237.5m ($65.2m) in net profit in 2018, up 10 per cent over 2017, the company said in a statement.

The company also said revenues rose to QR1.23bn, up from QR981.3m in 2017.

This has resulted in earnings per share (EPS) of QR4.04 at the end of 2018, in comparison with QR3.68 at the end of 2017.

MEED understands the company's board has recommended a 19 per cent cash dividend to shareholders, subject to approval during the company’s annual general meeting on 4 February.

The company’s financial performance “reflects the success of our long-term strategy,” says Abdulla bin Fahad bin Jassem bin Jabor al-Thani, GWC chairman.

The firm said it succeeded in developing contracts with clients in the oil and gas, government, fast-moving consumer goods (FMCG), and retail sectors in 2018 driving growth across the company’s various departments including logistics, forwarding and projects.

The company’s new ventures include LEDD Technologies, a technology services and solutions provider aiding local business transformation, and GWC Marine operations, which offer shipping agency services.

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