(The Group’s Comments) The Net Profit of GWC Rises by QAR 122.15 Million for the First Half of 2019

July 21, 2019

·         Profits: Gulf Ware Housing’s (GWC) profits amounted to QAR 122.2 million for the first half of 2019, compared to QAR 110.7 million for the same period of 2018, a 10.3% climb, while its earnings per share reached QAR 0.21 in this first half, versus QAR 0.19 for the corresponding period of last year. It should be noted that GWC’s second quarter profits amounted to QAR 62.98 million, compared to QAR 56.47 million for the same quarter of 2018.

·         Operating Profits: stood at QAR 165.6 million in this first half, compared to QAR 155.9 million for the previous year’s first half, an increase of 6.22%, despite a decrease in operating income of 4.7% to QAR 599.6 million, versus QAR 629.3 million for the corresponding period of 2018. The company's revenue to revenue ratio stood at 63% compared to 66%.

·         Revenues from warehouse and airfreight activities account for 82.5% of the company’s total revenues.

·         Operating Expenses: dropped by 8.3% to QAR 435.2 million in the first half of 2019, compared to QAR 474.5 million recorded in the previous year’s first half. It should be noted that GWC reduced shipping and transport costs by QAR 49 million, which reflected positively on profits.