(MENAFN- The Peninsula) Gulf Warehousing Company (GWC) yesterday reported a net profit of QR102.4m ($28.1m) for the third quarter (Q3) of 2014, registering a remarkable 36.8 percent growth (year-on-year) compared to QR74.8m ($20.5m) in Q3, 2013, according to a press statement.
Gross revenue reached QR505m ($138.7m) during Q3, 2014, up 26.4 percent compared to QR399.4m ($109.7m) earned in the same period last year. Earnings per share rose to QR2.15 per share during the third quarter, growing by 36.9 percent from QR1.57 during the same period in 2013.
"This capacity and desire for expansion is the main driver for the growth in our operations, which in turn has generated this respectable increase in our revenues and profits," said GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani. "We will ensure continued strong returns on our investments by excelling in the solutions and services we already offer, while seeking out new opportunities and untapped markets."
The completion of key asset development projects brought GWC's assets to QR2.05bn, an increase of around QR167m during the first nine months of 2014, marked by the launch of operations of Phase IV at the Logistics Village Qatar (LVQ). The one million square metre fully-integrated logistics facility witnessed capacity expansion by 81,000 square metres of newly-developed storage and distribution facilities complementing LVQ's existing full range of storage services such as ambient, dry, chilled and frozen warehousing solutions, as well as bulk and open yard storage. The contract logistics, freight forwarding, and record management solutions departments continue to provide high revenues, scoring major contracts with a number of ministries, financial institutions, the oil and gas sector, technology companies, and cultural organisations.
This constant endeavour for achievement has not gone unnoticed, as GWC earned a number of distinctions this quarter. Earlier in the quarter, Arabian Business magazine named GWC one of Qatar's top 30 companies by market cap. Soon after, the company was awarded the Logistics Excellence Award at the 2014 Qatar Enterprise Agility Awards.
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