Gulf Warehousing Q P S C : GWC holds its Ordinary and Extraordinary Assembly General Meeting

February 2022

GWC holds its Ordinary and Extraordinary Assembly General Meeting

GWC AGM approved cash dividend of QAR 0.10 per share or 10% of the nominal value of the share.

GWC, the leading logistics provider in Qatar, held its Ordinary and Extraordinary Assembly General Meeting on 16 February 2022 and approved the Group's financial results for the year ending 31 December 2021.

The meeting, which was held at the Company's Centre was chaired by GWC Chairman Sheikh Abdullah Bin Fahad Bin Jassem Bin Jabor 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 items on its agenda including the proposal by the Board of Directors to distribute a cash dividend of 10% the nominal share value (QAR 0.10 per share).

Furthermore, the AGM presented a comprehensive review of the Group's compliance with the Corporate Governance Code. Additionally, it also cleared the company's board members of any possible liability, setting the proper remuneration for the board.

The General Assembly also discussed the budget of the Group and approved it, as well as assigning the external auditor and setting their remuneration.

For the company's Extraordinary Assembly General Meeting, the company presented some amendments to the AOA's articles in order for them to comply with the Commercial Companies Law No. 8 of 2021.

GWC Chairman Sheikh Abdullah Bin Fahad Bin Jassem Bin Jabor Al Thani, stated, "It gives us pride that GWC continues to show resilience and foresight in spite of challenges that 2021 brought us. It is also commendable that the work being done by GWC, the partnerships being cemented are all contributing towards achieving Qatar National Vision 2030."

GWC achieved many milestones in 2021 and worked toward supporting the local community and ensuring seamless delivery of goods. Some of these initiatives included ensuring supply and delivery of Covid-19 vaccines for Qatar, providing logistics services of global standards for the FIFA Arab Cup, signing a partnership with Gaussin and Gam Qatar to test Gaussin's zero-emission electric tractors and yard automation solutions in several GWC logistics hubs, including GWC Al Wukair Logistic Park.

GWC also put together the "Getting you in the Game" Forum which provided a platform for experts from various verticals to discuss complex logistical issues behind mega-events, in addition to discussing regional trends and developments.

Keeping with their commitment to support R&D in the field of logistics, GWC signed a MoU with The College of Science and Engineering (CSE) at Hamad Bin Khalifa University (HBKU) with a special emphasis on logistics and supply chain management.

As the Regional Supporter and Official Logistics Provider for the FIFA World Cup Qatar 2022^TM, GWC is gearing up to offer smooth and never-seen-before logistics services for this mega sporting event.

"Through our various projects and partnerships we have been able to keep our commitment about supporting SMEs. By providing innovative and customised solutions to meet the demands of our customers from various sectors, we have been able to offer seamless support to our clients, thus further reinforcing our position as the pioneer in the field of logistics," Ranjeev Menon, Group CEO, GWC remarked.

The Group achieved a net profit of 225 million Qatari riyals, compared to a net profit of 235.7 million Qatari riyals for the year 2020. Accordingly, it has achieved earnings per share equivalent to 0.38 Qatari riyals in 2021, compared to 0.40 Qatari riyals in 2020.