GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani (centre) and the Company’s Group CEO Ranjeev Menon (left) with other Board members, attending the GWC’s Annual General Meeting, which was held at the Kempinski Marsa Malaz Hotel at The P
DOHA: GWC, the leading logistics provider in Qatar, held its Annual General Meeting (AGM) yesterday and ratified all items on its agenda including the Board’s proposal to distribute a cash dividend of 20 percent the nominal share value (QR 0.20 per share). The dividends will be distributed through designated branches of Masraf Al Rayan.
The company had reported a 9 percent increase in net profit for 2019 to QR249.1m, as compared with QR227.6m in the end of 2018. Gross revenues of the company reached QR1.2bn at the end of 2019, while EPS increased to QR0.43 at the end of 2019, in comparison with QR0.39 at the end of 2018.
The AGM, presided by GWC Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani, also approved the financial results of the Group for the year 2019.
Furthermore, the AGM heard a thorough review of the company’s compliance with the Corporate Governance Code observed in the State of Qatar. E&Y were re-appointed as the external auditors. The general assembly AGM also cleared the company’s board members of any possible liability, setting the proper remuneration for the board.
GWC Chairman Sheikh Abdulla Al Thani said: “GWC’s achievements in the last years reflect the success of the company’s long-term strategies and its support of the Qatar National Vision 2030, which aims to develop a varied and sustainable national economy, and thereby ensure the best possible returns for our shareholders, God willing.”
The AGM gathered following a year of achievement for the company, which signed an agreement with Manateq to develop the Al Wukair Logistics Park and manage it for 30 years. GWC also officially launched its consultancy services to help clients develop their operations and improve their implemented solutions. The company continued to support the Oil and Gas sector through providing specialized services such as performing heavy lifts and developing bespoke logistics bases as per customer requirements.
Additionally, GWC excelled in its performance of sports and events logistics during 2019, as it was named the official logistics provider for two of the biggest sports events regionally and internationally, the 24th Arabian Gulf Cup Qatar 2019 and the FIFA Club World Cup Qatar 2019™ respectively.
“We’re ensuring that we remain pivotal to our client’s success stories by continuing as their provider of choice, and to guarantee a customer experience like no other, all of which are complemented by our various programmes offering investment and logistics supports for our SME clients, as well as an asset-rich environment that enable all our customers swift and all-encompassing business support,” said Ranjeev Menon, GWC Group CEO.
