Qatar’s GWC reports strong earnings growth in 1Q: Qatari logistics firm Gulf Warehousing Company (GWC) posted a net income of QAR 61.5 mn in 1Q 2023, up 6.3% y-o-y, according to its quarterly financials (pdf). The warehousing and distribution company’s gross revenues rose 17.5% during the quarter to QAR 412.7 mn. Revenues from contracts from customers made up 99% of total revenues, standing at QAR 410.3 mn, while rental income from investment properties brought in QAR 2.5 mn, accounting for the remaining 1% of total revenues.

The company’s logistics operations accounted for the lion’s share of its revenues, withtwo thirds of revenues from contracts with customers coming from its logistics operations. Revenues from logistics rose 22.2% y-o-y to QAR 271.6 mn, while freight forwarding revenues stood at QAR 138 mn during the quarter, up 9.8% y-o-y.

Looking ahead: The company is in the process of finalizing the second phase of the Al Wukair Logistics Park (read our explainer on logistics parks here), according to its earnings release. “This will go a long way in enabling MSMEs in Qatar promoting diversification,” Ranjeev Menon, Group CEO, said. The company is also “optimistic about the future and expanding GWC’s footprint in the region this year,” Menon said.

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