GWC Q.P.S.C, the leading logistics provider in the State of Qatar, held its Ordinary and Extraordinary Assembly General Meeting at the GWC Regional Hub, on 19 February 2023 and approved the Group’s financial results for the year ending 31 December 2022.
The meeting was chaired by GWC Chairman Sheikh Abdullah Bin Fahad Bin Jassem Bin Jaber Al Thani, and was attended by representatives of the Ministry of Commerce and Industry, GWC’s external auditors Ernst & Young, the company’s shareholders, and media representatives.
The General Assembly ratified all the items on its agenda including the approval of cash dividends to shareholders of 10% of the nominal value of the company’s shares, which is 0.10 Qatari Riyals per share.
The AGM also discussed and approved the Board of Directors’ report on the company’s activities and its financial position during the year, and the auditor’s report. The General Assembly also discussed the budget of the Group and approved it, as well as assigning the external auditor and setting their remuneration. The assembly also approved to release the board members from liability, and distribute rewards to each member based on the evaluation of the board committees. Furthermore, the AGM presented a comprehensive review of the Group’s compliance with the Corporate Governance Code.
GWC, besides the successful delivery of the logistics mandate for the FIFA World Cup Qatar 2022TM, has had a stellar year, with various accolades and milestones which were highlighted during the General Assembly, such as being recognized as the “best customs brokerage company” and accredited as an Authorized Economic Operator (AEO) by the General Authority of Customs.
GWC also developed its existing partnerships and entered into new partnerships with strategic partners such as Ponticelli Frere Group, launched the “Delivering Glory” campaign in cooperation with CNN International and organized the second edition of GWC Forum entitled “Ready for the Game”, which focused on micro, small and medium enterprises, with the participation of Hamad Bin Khalifa University, Qatar National Bank and other partners.
Speaking about it, GWC Chairman Sheikh Abdullah Bin Fahad Bin Jassem Bin Jabor Al Thani, stated, “In the wake of the successful delivery of the FIFA World Cup, we are observing more growth opportunities than any other point in the history of GWC. We remain committed to our current investments, those of which are already yielding positive returns and I firmly believe that the future holds more promise for the company and its shareholders.”
Adding to this, Mr. Ranjeev Menon, Group CEO, GWC commended the effort put by the GWC team to deliver an unparalleled FIFA experience not only for the country but also for the world saying: “GWC team showed courage and determination in a very dynamic and challenging work environment for the FIFA World Cup. And I have no doubt that moving forward, through our partnerships, our commitment to sustainability and innovation, GWC will continue to be efficient, value-creating and resilient and achieve its ambitious objectives. “
For the Company’s Extraordinary Assembly General Meeting, the company presented some amendments to Article (13) of the AOA, as well as ratified all the items on the agenda.
The company achieved a net profit of 240 million Qatari Riyals at the end of December 2022, compared to 225 million Qatari riyals in the same period of 2021, achieving a growth rate of 7%.