GWC’s bottomline dips 7% y-o-y in 2Q 2024

Qatari logistics giant Gulf Warehousing Company (GWC)’s bottomline declined 7% y-o-y to QAR 101.4 mn in 2Q 2024, according to a financial statement (pdf). The company’s revenues also dipped 8.4% y-o-y to QAR 50 mn during the same period.

A wider look at 1H performance: GWC’s bottomline declined 14.3% y-o-y netting QAR 100.6 mn in 1H 2024 while revenues dipped 13.7% y-o-y to QAR 101.3 mn, according to the statement.

Behind the numbers: The decline in net gains was driven by a drop in the outfit’s core operations, with net gains from GWC’s logistics operations — including storage, handling, packaging, and transport — dropping 33% y-o-y in 1H 2024 to QAR 62.4 mn. Meanwhile, GWC’s freight forwarding segment surged 52% y-o-y to QAR 29 mn.

Looking ahead: The firm looks to expand across different sectors and markets as part of its business diversification strategies in order to solidify its position in the market. The company also looks to divert its focus to strengthen its sustainability and digital transformation capabilities.

Recent wins for GWC: GWC has boosted its efficiency at its warehouses by leveraging vision-picking technology, which utilizes computer vision, cameras, and augmented reality to help staff identify and pick out items from various warehousing locations. GWC subsidiary Flag Logistics said it will establish a 50k sqm logistics hub, dubbed Flag Oman, at Oman’s Khazaen Economic City in January. GWC also kicked off the second phase of developments at its flagship Al Wukair Logistics Park in Qatar in September 2023, with expansions seeing the addition of upwards of 500 retail, warehousing, and light industry units.