GWC Reports 9% Growth in First Half Revenues for 2023 Despite Headwinds

GWC Reports 9% Growth in First Half Revenues for 2023 Despite Headwinds

Qatar's logistics major sees US$216 million in revenues for H1 2023

Gulf Warehousing Company Q.P.S.C. (GWC) announced the results for the first half of 2023, realizing a total 9% Revenues’ growth YoY at US$216 million, making a growth of 14% in Gross Profits at US$65 million, and a net profit of US$32 million.

This accomplishment is realized despite the global financial and economic headwinds caused by the surge in lending and borrowing Profit rates and the slowdown in trade.

Sheikh Abdulla Bin Fahad Bin Jassem Bin Jaber Al-Thani, Chairman, GWC remarked: “The first half of 2023 was full of achievements, as we continue to focus was on growing the company’s business, diversifying sources of income, and building long-term relationships, along with human capital development.

"As we enter the second half of 2023 and getting closer to the go-live of second Phase of Al Wukair Logistics Park, we look forward for more successes, continuing our quest for growth, and contributing to the realization of Qatar National Vision 2030.”

GWC Qatar Signs First Ship Owning Agreement with LDA

In April 2023, GWC launched GWC Energy Services, a wholly owned subsidiary focused at providing the oil & gas sector with dedicated and bespoke services.

This was followed by signing a strategic agreement with renowned global leader in the maritime industry Louis Dreyfus Armateurs (LDA) to support offshore energy services thus opening the pathway for significant opportunities in the maritime sector.

Ranjeev Menon, Group CEO, GWC commented: "We are delighted to present significant strides in achieving our strategic growth plan, which has solidified GWC Group's position as prominent leaders in the regional logistics industry.

"Our strategic approach, driven by cutting-edge technology and employee development, reinforces our conviction, as we continue to deliver exceptional solutions and progress with utmost determination." 

Read More: FedEx Enhances Priority Services for Exporters in UAE and Saudi Arabia

Related Stories

No stories found.
Transport and Logistics ME