GWC General Assembly gives nod to distribute 19% dividend

The shareholders of GWC gave their approval to all the items of the agenda of the yesterday’s general assembly meeting, including the board’s recommendation to distribute a cash dividend of QR1.9 per share.

The dividends, which are equivalent to 19 percent of the nominal share value, will be distributed through the designated branches of Masraf Al Rayan.

The company had reported net profits of QR237.5m for 2018, representing an increase of 10 percent in comparison with QR215.4m in net profits listed for 2017. Gross revenues meanwhile reached QR1.23bn at the end of 2018 compared with QR981.3m in 2017. The result was an increase in EPS to QR4.04 at the end of 2018, in comparison with QR3.68 at the end of 2017.

The General Assembly meeting of the GWC, the leading logistics provider in Qatar, was presided over by the company’s Chairman Sheikh Abdullah bin Fahad bin Jassem bin Jabor Al Thani.

Sheikh Abdulla said GWC is maintaining its position as the leading logistics provider in the State of Qatar, as the Company has continued to support the nation’s growing needs, while laying foundations and strategies in line with the Qatar National Vision 2030.

For the GWC’s Extraordinary Assembly General Meeting, the company presented a number of amendments to its constitution in accordance with the laws and regulations of the Qatar Financial Markets Authority. These included amendments to: Article 2 to comply with the existing activities listed in the company’s commercial registry; Article 5, changing the nominal value of shares from QR10 to QR1; Article 13, changing the maximum ownership rate from 25 percent to 35 percent, in compliance with QFMA Resolution No. 1 for 2016; Article 25 to remove the names of the board of directors; and several other articles.

The general assembly gathered following a year of achievement for the company, starting with the company entering a management agreement with Al Asmakh Real Estate, placing the Bu Fesseela Warehousing Park under GWC’s management.

The company also launched a number of new services, while maintaining its presence in the market through its established solutions. Among those recently established were LEDD Technologies, a wholly owned subsidiary of GWC, offering technology services and solutions. GWC also launched GWC Marine operations to offer shipping agency services. Meanwhile, the company’s Contract Logistics, Forwarding, and Projects departments have made major in-roads in developing contracts with clients in the oil and gas, government, broadcasting, and sports sector.

The company has received much recognition in the field as a result: most recently, the company was named “Best Customs Brokerage Company” for 2018 by the General Authority of Customs; and in 2018, the company was awarded “Digital Transformation Award” by Microsoft for its outstanding achievements in leading the company’s digital transformation.

“GWC’s achievements over the last 15 years reflect the success of our long-term strategy, while supporting Qatar National Vision 2030 in becoming a sustainable and diverse economy, and ensuring the best possible returns to our shareholders, God willing,” said Ranjeev Menon, GWC Group CEO.

Source from: The Peninsula