Qatari logistics firm Gulf Warehousing Company (GWC) reported profits for the first quarter of 2016 is up 15 per cent year-on-year to reach QR46.5m ($12.7m). 

Revenues also rose by 14 per cent during the same period to reach QR220m, the company said in a statement.

Assets grew by 3 per cent to QR3bn, compared with QR2.9bn in the first quarter of 2015.

GWC Chairman Abdulla bin Fahad bin Jassem bin Jabor al-Thani attributed his company’s performance to its strategy to “grow organically” within the current environment.

The firm’s facility in the Ras Laffan Industrial City (RLIC) West Side Service Area was completed on schedule and began to operate during the first quarter of 2016. The facility offers 15,000 square metres of warehouse space in addition to open yard, bulk and ISO-certified tank storage.

The company said the fifth phase of the Logistics Village Qatar is nearing completion and will be offering an additional 17,500 square metres of space that could be utilised as a distribution centre, among others.

Some 40 per cent of the company’s Bu Sulba Warehousing Park has also been completed during the first quarter of this year.