Qatar’s Gulf Warehousing Company (GWC) reported an 11 per cent increase in net profits in 2016 year-on-year, reaching QR205.7m ($56.5m).

The company’s revenue also grew by 8 per cent to reach QR849m.

The growth was underpinned by increased operational efficiency and new revenue streams, the company said in a statement.

Assets grew from QAR2.9bn in 2015 to QR 3.74bn in 2016.

The company’s board of directors has recommended that a 16 per cent dividend will be distributed to its shareholders, which is expected to be approved on its assembly general meeting set for 30 January

One of GWC’s key investments is the development of the 517,375 square-metre Bu Sulba Warehousing Park, which is expected to become operational in the first quarter of 2017. The facility is designed to cater to small medium enterprises (SMEs).

GWC also recently completed the fifth phase of Logistic Village Qatar with an additional 45,000 square-metres of storage capacity.