Qatari logistics giant Gulf Warehousing Company’s(GWC) bottomline recorded an 12.7% y-o-y drop to QAR 53.8 mn in 3Q 2023, according to a financial statement (pdf). Revenues also decreased 11.7% y-o-y to QAR 349.56 mn during the same period.

On a 9M basis: The company’s net income dropped 5.5% y-o-y to QAR 171.42 mn in 9M 2023. Meanwhile, revenues inched up 2.32% y-o-y to QAR 1.14 bn.

What they said: “This year, GWC Group embarked on an ambitious journey, exploring new markets, and diversifying its services. These strategic moves are reinforcing Qatar’s position as a regional and global logistics and reexport hub, setting the stage for continued growth and innovation,” GWC Chairman Sheikh Abdullah Bin Fahad Bin Jassim Bin Jaber Al Thani, Chairman of GWC Group stated.

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