GWC general assembly elects new board of directors

06/02/2018 05:44 AST

Logistics provider GWC's general assembly has elected a new board of directors during its Ordinary Assembly General Meeting held at the Four Seasons Hotel in Doha yesterday.

The general assembly, in accordance with Article 27 of GWC's constitution, elected Sheikh Abdulla bin Fahad bin Jassim bin Jabor al-Thani as chairman, Sheikh Fahad bin Hamad bin Jassim bin Jabor al-Thani as vice-chairman, and Ahmed Mubarak al-Maadid, Dr Hamad Saad al-Saad, Jassim Sultan al-Rimaihi, Mohamed Hassan al-Emadi, Henadi al-Saleh, Abdulaziz Mohamed Jabor al-Sulaiti, and Faisal Mohamed Ali al-Emadi as members.

At the same time, the general assembly approved the board's proposal to distribute cash dividend of 17% the nominal share value (QR1.7 per share). The dividends will be distributed either through direct deposit or by visiting the designated branches of Masraf Al Rayan.

The meeting also discussed GWC's achievements, including the launching of GWC Bu Sulba Warehousing in Q1 2017, "representing the country's first fruit of public private partnership (PPP).

GWC said its departments have continued to widen client base, particularly in the government and oil and gas sectors, with major projects being initiated and completed "in record time" in Doha and Ras Laffan Industrial city.

The company's niche departments like the Fine Art and Equestrian have also "worked diligently" to bring in a number of projects, while working on the nation's biggest events.

GWC's net profits stood at QR215.5mn in 2017, a 4.7% increase compared to the QR205.7mn recorded in 2016. The company maintained growth by increasing operational efficiency and actively seeking new revenue streams, drawing in gross revenues of QR966.9mn at the end of 2017, a 13.8% increase from QR849.5mn in 2016.

The company's assets continued to develop with total assets reaching QR3.774bn by the end of December 2017 compared with QR3.741bn compared to the same period in the previous year.

"GWC, through its well-founded infrastructure and innovative systems and solutions, has stood by the nation through the extraordinary circumstances it has been experiencing lately," Sheikh Abdulla said.

Gulf Times