Qatar-based Gulf Warehousing Company (GWC) has registered a 40 per cent increase in its net profit for the first quarter compared to the previous year.

Q1 net profits hit QR40 million ($11 million) compared with QR28.9 million in the previous year.

The strong push forward was reflected in the company’s revenue streams, with its total peaking at QR196 million, up 28 per cent over QR152.9 million during the same period last year.

Earnings per share rose to QR0.85 during this period, marking an increase of 39 per cent compared with QR0.61 last year.

Commenting on the results, chairman Sheikh Abdulla bin Fahad Al Thani, said: “Our path to success has always been paved by backing our comprehensive service offerings with robust infrastructure capable of meeting the nation’s ever growing demands for logistics solutions.

“This purpose-driven commitment to operational excellence, support of the Qatar National Vision 2030, and dedication to our shareholders shall assure the best possible returns for all stakeholders in the company,” he added.

GWC has a strong portfolio of logistics developments which include the Logistics Village, Ras Laffan Logistics Hub and Messaieed Logistics Hub, among others in the Doha Industrial Area. Last December, it was announced that the company had secured a contract to build the Bu Sulba logistics hub, which will involve an estimated investment of $188 million. The project aims to serve the logistics requirements of small and medium enterprises (SMEs).

The company has storage capacity of 420,000 sq m in its warehousing and distribution centres, 150,000 sq m at its open yard, 50,000 sq m at its container yard and 200,000 sq m in 3PL  pallet locations.   

It serves the industrial segments of electronics, food and beverage, healthcare, high-value commodities, industrial products, government establishments, retail, oil, gas, chemicals, steel and automotive.