Doha, Qatar: Gulf Warehousing Company Q.P.S.C. (GWC) has announced its stellar performance for the first half of 2023, demonstrating a remarkable 9% increase in revenues year-on-year, reaching QR786 million. Moreover, the company achieved a substantial 14% growth in Gross Profits, amounting to QR235 million, along with a net profit of QR115 million. Earnings per share stood at QR0.196 for the same period ending on June 30, 2023.
These outstanding results were attained in the face of global financial and economic challenges stemming from factors such as fluctuating lending and borrowing profit rates and a slowdown in trade. Sheikh Abdulla bin Fahad bin Jassem bin Jaber Al Thani, Chairman of GWC, expressed his satisfaction with the achievements, stating, "The first half of 2023 was marked by significant accomplishments, as we remained dedicated to expanding our business, diversifying income sources, and fostering enduring partnerships, all while prioritizing the development of our human capital. As we approach the second half of the year and near the launch of the second phase of Al Wukair Logistics Park, we anticipate further successes as we continue our journey of growth and contribute to the realization of Qatar National Vision 2030."
GWC made notable strides in expanding its portfolio during the first half of the year. In April 2023, the company introduced GWC Energy Services, a wholly owned subsidiary focused on providing tailored services to the oil and gas sector. This strategic move was followed by a significant agreement with Louis Dreyfus Armateurs (LDA), a global leader in the maritime industry, aimed at supporting offshore energy services. This collaboration opens up substantial opportunities within the maritime sector.
Ranjeev Menon, Group CEO of GWC, expressed his enthusiasm for the company's achievements, stating, "We are thrilled to highlight the substantial progress made in line with our strategic growth plan, further solidifying GWC Group's position as a prominent leader in the regional logistics industry. Our strategic approach, fueled by cutting-edge technology and the continuous development of our employees, reinforces our confidence as we persistently deliver exceptional solutions and advance with unwavering determination."