Gulf Warehousing to Hand 20% Bonus Shares, Raise Capital to QR 475.6 Million

Doha, March 6 (QNA) - Qatar's leading asset-based logistics and supply chain solutions provider, Gulf Warehousing Company (GWC) will distribute 20% bonus shares to current shareholders at the rate of one for every five held shares, according to a Qatar Exchange notification Wednesday. This decision as well as increasing the company's capital from QR 396,341,460 to QR 475,609,752 were taken at Extra-Ordinary General Assembly meeting held here Tuesday. The financial results for the year ended December 31, 2012 were also approved at the AGM. GWC had earlier announced another year of record profitability with a total of QR 84.9 Million in net profits for fiscal year 2012; an increase by 37.6% compared to QR 61.7 Million in 2011. The company's gross revenues were QR 479.7 Million, an increase from QR 419.57 Million 2011 and from QR 74 Million in 2009, representing a four-year average annual growth of 86%. Individual sectors have made equally impressive gains, as freight forwarding revenues quadrupled in the last four years, while contract logistics has more than tripled its customer base and transport nearly doubling theirs while record management services and international moving and relocation services have also doubled and nearly tripled their revenues respectively, GWC said. (QNA)