Qatar-based logistics firm Gulf Warehousing Company (GWC) netted QAR 172 mn last year, leading the firm’s bottom line to fall some 20% y-o-y from QAR 215 in 2023, according to a financial statement. The warehousing and distribution company’s topline rose 5.4% y-o-y to QAR 1.6 bn in 2024, up from QAR 1.5 bnin 2023, according to a press release. The firm’s BOD has recommended a 10% dividend payout at QAR 0.10 per share.

What they said: “Expansion is a key pillar of the company’s growth strategy. In early 2024, GWC launched its FLAG subsidiary (100% owned company) Logistics Hub at Khazaen Economic City in Oman, further strengthening its footprint across the GCC,” said acting CEO Matthew Kearns.

A big year for GWC: GWC subsidiary Flag Logistics said in January 2024 that it will establish a 50k sqm logistics hub, dubbed Flag Oman, at Oman’s Khazaen Economic City, providing specialized areas for various logistics services, including dry, ambient, chilled and frozen warehousing, bulk storage, records management, and marshaling areas. The firm inked an agreement with Bahrain-based GFH Financial Group to set up 200k sqm of Grade A logistics facilities in Saudi Arabia, including in Riyadh, Jeddah, and Dammam. Its subsidiary GWC Energy Services and Saudi Offshore Fabrication Company have also partnered to build 100k sqm Grade A logistics facilities in Saudi Arabia’s Ras Al Khair Industrial Port.

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