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FROM LEFT: Henadi Al Saleh, Jassim J Al Rimaihi, Abdulaziz Zeid Al Taleb, Ahmed Mubarak Naser Al Ali Al Mahdid, Mohammed Ismail Al Emadi (Chairman), Sheikh Fahed bin Hamad bin Jasim Al Thani (Vice Chairman), Sheikh Abdula bin Fahad bin Jassim Al Thani, and Dr Hamad Saad Al Saad during the General Assembly Meeting of Gulf Warehousing Company at St Regis Hotel yesterday. Kammutty VP
DOHA: Gulf Warehousing Company (GWC), Qatar’s leading logistics firm yesterday held its Ordinary and Extra-Ordinary General Assembly Meeting at St Regis Hotel to approve 20 percent bonus share and discuss the financial statements for the year ended December 31, 2012.
Based on the company’s performance and this year’s earnings, the Board of Directors had recommended to issue 20 percent bonus share (one share for every five shares held) subject to approval by the General Assembly.
The agenda also covered an increase of the company’s capital by 20 percent (raising the total capital to QR475,609,752 after the distribution of the shares.
The audited financials of the company revealed 37.6 percent rise in its net profits to QR84.9m in 2012 versus QR61.73m in 2011. The company’s Earnings Per Share (EPS) amounted to QR2.143 in 2012 as compared to QR1.557 in 2011. The GWC, over the last three years, has witnessed a remarkable growth trend. Its profit in 2009 was only QR9.8m which has increased to about QR85m in 2012.
“We grew by 14.34 percent in topline revenues to surpass QR479.7m, with a healthy EBITDA margin of 27.54 percent. This represents a near doubling in business volume, substantial ramp up in occupancy levels and unitisation rates at Logistics Village Qatar (LVQ),” Mohammed Ismail Al Emadi, Chairman of GWC said.
“I am pleased to inform you that the Board of Directors has recommended to issue 20 percent bonus shares. The total assets of GWC increased by QR331m to QR1579.6m and total liabilities of the Company increased by QR310m to QR872m compared to 2011,” the Annual Report of the Company for 2012 quoted Abdulaziz Zeid Al Taleb, Managing Director of GWC as saying. The Peninsula