(The Group’s Comments) GWC Net Profit Climbs to QR 59.17 Million in Q1 2019

 

April 21, 2019

 

·         Profits: Gulf Warehousing Company’s first quarter profits amounted to QR 59.17 million in the first quarter of 2019, an increase of 9% compared to QR 54.22 million in the same period of last year. GWC’s earnings per share reached QR 1.02 in the period ended 31/3/2019, versus QR 0.93 for the corresponding period of 2018.

 

·         Comprehensive income: the company incurred a loss from foreign currency exchange of about QR 379,000.

 

·         Revenues: decreased by 3.7% to reach QR 303.69 million in the period ended 31/03/2019, compared to QR 315.26 million for the same period last year. However, the decrease in revenue costs by 7.8% and QR 16.5 million resulted in an improvement in gross profit (revenues - costs), which amounted to QR109 million, versus QR104.1 million. Revenues from local operations accounted for 94% of total revenues while the external revenues accounted for 6%. In terms of products, the company achieved 50% of its revenues from warehouse services and 32% from air transport services.

 

·        Balance sheet: Assets decreased by 3% to reach QR 3,803 million in the period ended 31/3/2019, versus QR 3,920 million by the end of 2018, the main reason for this is the company's payment of QR 111 million as cash dividends for 2018 (QR 1.9 per share), which reduced the retained earnings balance.