GWC reports 31% rise in profit

Gulf Warehousing company (GWC) has reported a 31% rise in its January-September net profit to QR60.05mn mainly on robust revenue. Revenue gained 21% to QR355.4mn while direct costs were up 17% to QR249.74mn, leading to a 32% rise in gross profit to QR105.67mn, according to its financial statement filed with the Qatar Exchange. Staff costs rose 33% to QR20.79mn and general and administrative costs by 22% to QR14.4mn; whereas net impairment loss on trade receivables shrank 43% to QR1.02mn. The company’s operating profit rose 33% to QR64.47mn. Finance income shrank 84% to QR0.25mn while finance costs surged 41% to QR6.18mn. Total assets were valued at QR1.46bn comprising current assets of QR0.33bn and non-current assets of QR1.13bn. Total equity stood at QR685.86mn on a capital base of QR396.34mn and earnings-per-share was QR1.52 at the end of September 30, 2012.