GWC's net income rose 32% y-o-y to QAR 29 mn in 2Q

GWC returns to earnings growth: Gulf Warehousing Co.’s (GWC) net income rose 32% y-o-y to QAR 29 mn in 2Q, according to its financial release. The firm’s gross revenue climbed 4% y-o-y to QAR 359 mn during the quarter.

Behind the numbers: The earnings growth came as GWC activated three multimodal trade corridors linking Qatar with Saudi Arabia, the UAE, Oman, and Bahrain — helping customers keep cargo moving during the regional disruptions. GWC’s regional operations tripled their contribution to net revenue over the past two years, supported by new contracts in Oman, the opening of its Al Nakheel temperature-controlled hub in Jeddah, and a strategic agreement with Meydan Freezone in the UAE to partner with the freezone’s enterprises and support its regional operations across the GCC.

A turnaround from 1Q’s numbers: Earlier regional disruptions weighed on GWC’s 1Q earnings — with net income down 10.6% y-o-y and revenue 13.5% — as vessel traffic through Hormuz collapsed, carriers suspended Hamad Port calls, and Qatar’s airspace closure removed more than 3k tons of daily airfreight capacity.