March shock pulls GWC’s 1Q earnings lower, Nakilat’s earnings hold up

GWC’s 1Q earnings slip on March disruption

Gulf Warehousing Co.’s (GWC) net income dropped 10.6% y-o-y — based on our own calculations — to QAR 33.7 mn in 1Q 2026, according to its financial release. The firm’s revenue also fell 13.5% y-o-y to QAR 318 mn during the quarter.

Before the regional disruption in March, the company said January and February were tracking ahead of plan. Conditions then shifted sharply — vessel traffic through Hormuz fell by 86%, major carriers suspended calls at Hamad Port, and Qatar’s airspace closure removed more than 3k tons of daily airfreight capacity.

In response, the company rolled out three workaround corridors — covering sea freight, an air-land route via Riyadh, and a TIR-enabled air-to-land solution through Hamad International Airport — to keep cargo moving despite the constraints.

Nakilat’s 1Q figures rise as services come under pressure

Nakilat’s 1Q held up through regional disruption: Qatar Gas Transport Company (Nakilat) reported a 1.3% y-o-y increase in its net income to QAR 439 mn in 1Q, according to its financial release (pdf). The firm’s revenue rose around 9% y-o-y toQAR1.2 bn. The company reported that geopolitical disruptions during the quarter adversely affected its dry dock operations, agency services, and towing activities, resulting in a marked decline in overall performance operating rates (pdf).