His Highness Sheikh Hamad Bin Khalifa Al-Thani Emir Of The .
KuwaitBahrainSaudi ArabiaQatarUAEOmanThe LogisticsPowerhouseof Qatarannual report 2012Editorial & Designwww.dickensonir.comGulf Warehousing Company QSCPO Box 24434, Qatarwww.gulfwarehousing.com
His HighnessSheikh Hamad Bin Khalifa Al-ThaniEmir of the State of Qatar
His HighnessSheikh Tamim Bin Hamad Al-ThaniHeir Apparent
44.48.50.52.56.58.AT A GLANCECORPORATE INFORMATIONMISSION, VISION & VALUESFINANCIAL HIGHLIGHTSOPERATIONAL HIGHLIGHTSCHAIRMAN’S LETTERMANAGING DIRECTOR’S LETTERGROUP CEO’s LETTERBOARD OF DIRECTORSMANAGEMENT TEAMOUR BUSINESS MODELOUR PAN QATAR PRESENCELOGISTICS VILLAGE QATAROUR TRANSPORTATION ASSETSCONTRACT LOGISTICSFREIGHT FORWARDING MANAGEMENTNICHE BUSINESSESINFORMATION TECHNOLOGYQUALITY, SAFETY & RECOGNITIONOUR PEOPLEReports and Financials60.74.76.76.77.78.79.80.Corporate Governance ReportIndependent Auditors’ ReportIncome StatementStatement of Comprehensive IncomeStatement of Financial PositionStatement of Cash FlowsStatement of Changes in EquityNotes to the Financial Statements
Gulf Warehousing CompanyThe LogisticsPowerhouseof QatarIf goods do not arrive on time, customers cannot buy them. If goodsdo not arrive in the proper place, or in the proper condition, no salecan be made. As a result, all economic activity throughout the supplychain cannot exist without an efficient logistics industry to facilitatetransactions.As the largest logistics company in Qatar, GWC is an importantcomponent of the country’s economy and its GDP growth. Today, GWCsupports the movement and flow of many economic transactions –both directly and by providing infrastructure to other industry players.One way or another, we stand in the middle of facilitating the sale ofvirtually all goods and services within the country. As a result, we areplaying an important role by providing the basic backbone servicesrequired for the functioning of an economy. Our own efficiency andcontinuing productivity growth are embedded within the frameworkof Qatar and we are proud to be part of a vibrant knowledge-basedeconomy with emerging capabilities, mindsets, networks, institutions,incentives and infrastructure. As a well-diversified and asset-richlogistics player, we will continue to contribute to the growth of Qatar.The future of Qatar is bright.As the leading logistics player in this vibrant market,our future too is bright.5
6Annual Report 2012AT A GLANCEWe are the basicbackbone requiredfor the functioningof an economy.LISTED2004EMPLOYEES1300 CUSTOMERS500 globallyHEAD QUARTERSD Ring Road, Doha, QatarCOMPANY TYPEQatari Shareholding CompanyLISTINGQatar Exchange (Previously DohaSecurities Market)STOCK CODEGWCSORGANIC EXPANSIONLogistics Village Qatar 1 mn.withsquare metres
Gulf Warehousing CompanySTORAGE CAPACITY 200,0007SERVICES3PL and distributionWarehousingpallets in state-ofXX Freight Forwarding andthe-art Warehouse;TransportationXX Ambient and Frozen/Temperature controlledsquarestoragemetres bulk storage andXX Bonded storageXX Hazmat ChemicalsquareStoragemetres open yard storageXX Records ManagementTRANSPORTATION ASSETS XX Customs ClearanceXX Sports LogisticsTrucks,XX Asset ManagementTrailers and SpecialisedXX International MovingVehiclesand RelocationXX Fine Arts LogisticsXX20,000250,000 1137POSITIONINGLeading 3PL and 4PLService Provider in QatarSHAREHOLDERS 10,000INDUSTRY SEGMENTSSERVEDChemicalXX ElectronicsXX Food and BeverageXX HealthcareXX High ValueCommoditiesXX Industrial ProductXX GovernmentXX RetailXX OilXX GasXX ChemicalsXX SteelXXINFORMATIONTECHNOLOGYWarehouseManagementXX Transport ManagementXX Freight ManagementXX
8Annual Report 2012CORPORATEINFORMATIONBoard of DirectorsMr. Mohamed Ismail Al-EmadiChairmanSh. Fahed Bin Hamad Bin Jasim Al ThaniVice ChairmanSh. Abdulla Bin Fahad Bin J.J Al ThaniMemberMr. AbdulAziz Zeid Al TalebBoard Member and Managing DirectorMr. Ahmed Mubark Al-Ali Al-MahdidMemberDr. Hamad Saad M. Al-SaadMemberMr. Mohd Thamer M. Al-AseriMemberMr. Jassim Sultan J. Al-RimaihiMemberMs. Henadi Al-SalehMemberManaging DirectorMr. Abdulaziz Zeid Al TalebGroup Chief Executive OfficerMr. Ranjeev MenonPrincipal BankersQatar Islamic BankMasraf AL RayanCorporate OfficeGulf Warehousing CompanyD Ring RoadDoha, Qatar.STOCK EXCHANGELISTINGQatar ExchangeDoha, Qatar.
Gulf Warehousing Company9MISSION, VISION& VALUESWHAT IS OUR MISSION?Our Mission is to earn the trust and loyalty of GWC owners andnurture our family by developing and marketing GWC as a marketleader with respect to quality, cost and customer service throughthe integration of people, technology and business systems.WHAT IS OUR VISION?GWC is a rapidly growing preferred logistics company and weaim to become the number one integrated supply chain serviceprovider of choice and the most sought after Third Party LogisticsServices provider in Qatar and the GCC.WHAT ARE OUR VALUES?OwnershipWe take ownership for everything that takes place at the workplace.We are accountable for our results and know that for things tochange, we must change first.CommitmentWe are committed to the Vision, Mission, Values and success of ourcompany, its current and future teams and its customers at all times.Going that Extra mileWe deliver beyond your expectation. This means we will give youmore than what we have promised by going the extra mile.Excellence‘Good’ isn’t enough for us. We always deliver solutions ofexceptional quality that add value to all involved. We look for waysto do more and stay on a path of constant and never endingimprovement and innovation.
10Annual Report 2012FINANCIAL HIGHLIGHTSReturn on Equity 67Equity ratio (in percent)Return on equity (in percent)Short-term ratio of indebtedness (in percent)Intensity of long-term indebtedness (in percent)Fixed assets coverage ratio (in percent)Working capital (in QR million)Intensity of capital expenditure ( in percent 201244.811.412.343.0113.2161.6477.5* Previous years have been restated for comparison purposes.1.2.3.4.5.6.7.Total equity in relation to total assets at the end of the year.Net earnings for the year in relation to share reserves retained earnings as of January 1 of the current year less dividend paidduring the current years as of date of distribution capital Increase (incl. share premium) as of date of payment.Short term liabilities in relation to total assets.Long term liabilities in relation to total assets.Total equity (including non – controlling interest) long–term liabilities in relation to non-current assets.Total current assets, less current liabilities.Non – current assets in relation to total assets.
Gulf Warehousing Company11Revenue Trend (in QR Mn.)Profit Trend (in QR 10201120122009201020112012Working Capital (in QR Mn.)Total Asset Value (in QR Mn.)Earning per 009201020112012Financial SummaryKey ,107479,726,841Other .143Operating RevenueEarnings Per Share (EPS)All figures in the table and charts are in QR
12Annual Report 2012Capacity EnhancementOperationalHighlightsWe offered customershigher value throughintelligent integratedlogistics solutions, thespectacular absorptionof our LVQ logisticsinfrastructure andour overall improvedefficiency in leveragingour assets.XXLogistics Village Qatar: Phase 3 readyApr 2013 adding 90,000 sq.m.XXPlanning stage : adding 85,000 sq. m.XXRas Laffan Operations: 10,300 sq. m.Open Yard completed ahead of scheduleXXMesaieed Warehouse : Expansion of9,500 sq. m. under planningXXTransportation Fleet: 25 dedicatedtruck added to service a major furnitureretailerXXInformation Technology: WarehouseManagement System completelyupgradedXXPeople Strength: GWC’s manpower basegrew by 18% to 1,334 employees
Gulf Warehousing CompanyMarket Access ExpansionXXBranch Office in Dubai opened for businessWe increased thedensity of our GCCnetwork by addingDubai to our salesand marketingoutposts.13Recognition and AwardsXXISO 27001:2005 Information SecurityManagement Systems (ISMS) certification forLVQ Data CentreXXGWC is named Logistics Company of the Yearfor a third consecutive year by ITP PublishingXXGWC awarded the Best Logistics Infrastructurein the Middle East for it state of the art LVQDubai
14Annual Report 2012DEAR SHAREHOLDERS,CHAIRMAN’SLETTERGWC is playing an importantrole by providing efficientlogistical services that formsone of the basic backboneservices required for therunning of an economy.I am delighted to inform youthat your Company continues tomake strong progress in termsof sales growth, employee base,profits and shareholder value.Through the various sections ofthis Annual Report, we explainthese details in full and I am sureyou will be delighted with whatyou read. In essence, we grew by14.34% in topline revenues tosurpass QR 479.7 million, with ahealthy EBITDA margin of 27.54%.This represents a near doublingin business volume, a substantialramp up in occupancy levels andutilisation rates at Logistics VillageQatar (LVQ), the main growth driverbehind the business, and improvedpricing ability, allowing for marginimprovement and rising returns.Strong PerformanceOn The Back Of AStrong EconomySince 2000, Qatar has grown fasterthan any other economy, and itnow ranks among the top flightof countries in terms of its incomeper capita. I am pleased to informyou that today, GWC is widelyconsidered Qatar’s undisputedlogistics leader and has increasinglybecome an integral part of thecountry’s economic functioning.Today, Qatar is the largest exporterof LNG (liquid natural gas) andGTLs (gas to liquids) in the world
Gulf Warehousing Company15and its economic ascent of recent years, in whichmany new different industries have blossomed, hasfew comparisons. The successful development ofour economy has resulted from the visionary andcommitted leadership of our Emir – Sheikh Hamadbin Khalifa Al Thani.To meet the needs of a growing economy andlarger population, Qatar has spent prodigiously onexpanding and upgrading economic and socialinfrastructure. It has also used its resources wisely tohedge against uncertainty and to build a legacy forfuture generations.Real GDP : Qatar and selected economies since 2000From an economic perspective, progress towardssustainability requires that Qatar graduate froman investment focused economy to one in whichimprovements in efficiency and productivity gainsbegin to propel growth. I believe that in this regards,GWC is playing an important role by providingefficient logistical services that forms one of thebasic backbone services required for the runningof an economy. Our own efficiency and continuingproductivity growth are embedded within theframework of Qatar and we are proud to be part of avibrant knowledge-based economy with emergingcapabilities, mindsets, networks, institutions andinfrastructure.Index (2000 100)400Qatar350ChinaGDP growth in Qatar300250Gulf CooperationCouncil Countries200SingaporeWorld1501002000 2001 20022003 2004 2005 2006 20072008 2009 2010 2011Note: Data for 2011 are IMF preliminary estimates, except for Qatar.Sources: Qatar Statistics Authority and International Monetary Fund (IMF) World economic OutlookSeptember 2011 database eodata/weodata/index.aspx), accessed27 February 2012.Growth in oil and gas revenues has afforded higherliving standards and rising consumer spendingamong Qataris. Qatar’s generous surpluses have alsofunded a range of investments.Qatar’s spending on infrastructureInvestment spending (US billion)13.610.47.57.65.92.1200620072008Source: MEED Project database, accessed 27 February 2012200920102011Future Economic OutlookOver the next few years, Qatar is positioned togrow in high-value services. The opening of theNew Doha International Airport, and the expansionplans of Qatar Airways, which is anticipating rapidpassenger volume growth over the next decade, willadd to output and exports. Improved regional andinternational connectivity, the completion of state ofthe art conference facilities and expansion of hotelaccommodation should support continuing growthof business tourism. Despite difficult conditions in theglobal financial economy, Qatar’s financial sector willcontinue to expand and support growth in the widereconomy.The Qatar Financial Centre Authority is activelypromoting development of asset management,captive insurance and re-insurance businesses. QatarExchange, the country’s stock exchange, is launching
16Annual Report 2012With both our capacity and geographyexpansions expected to further pushbusiness volumes and revenues, thefuture looks bright.new trading platforms. A “juniorbourse” is soon expected toprovide better access to equityfinance for smaller businesses.Secondary trading of governmentpaper and issuance of securitiesof longer maturity will supportthe development of a domesticcorporate debt market and Islamicfinancial bonds. The commercialbanking sector, both conventionaland Islamic, is expected to enjoyhealthy growth in its retail business,and will have the opportunityto participate in the funding ofa substantive pipeline of capitalprojects. The efforts of Qatar’sexport development agency(Tasdeer) to support non-oil andgas exports, and new initiativesof the Qatar Development Bankand Enterprise Qatar to supportfledgling small and medium-sizedenterprise (SME) activity throughthe provision of financial andnon-financial support services, willstart to bear fruit. More generally,the logistics services in most partintroduced by GWC’s LVQ, easieraccess to credit, wider availabilityof equity funding and subsidisedsupport will aid private enterpriseacross a broader front. Governmentservices, utilities and retail andother domestic services are alsoexpected to keep up with overallpace of growth in the economyand an anticipated increase inpopulation.
Gulf Warehousing Company17LOOKING AHEADFor the economy in Qatar, a sea change inhydrocarbons momentum is now under way.The steep ascent of the past decade will eventuallyrun its course and hydrocarbons output will eventuallyplateau. This is not an unexpected development andthe country is well prepared for it. It is Qatar’s non-oiland gas economy that is now set to take over thereins of growth over the next decade.Contribution to growth:Hydrocarbon and g our TopManagementI am pleased to announce that effective from19th September 2012, the board has appointedMr. Abdulaziz Zeid Al-Taleb as the new ManagingDirector and member of the Board of Directors of thecompany. Prior to joining GWC, Mr. Abdulaziz was thedeputy general manager for Al-Khaleej Gas. He holdsa bachelor’s degree in business from Indiana StateUniversity in the US, and has 22 years of experiencestarting with QP in supply chain management. I wishto express my sincere optimism and confidencein Mr. Abdulaziz’s abilities and vast experience incontributing positively to the future progressof GWC. I wish Mr. Abdulaziz Zeid Al-Taleb muchsuccess in his new role in the nConstruction & Transport7.02010Services2011Real GDPManufacturing & UtilitiesSource: Qatar Statistics Authority (http://www.qsa.gov.ga/eng/index.htm).This will ensure that well-diversified and asset richlogistics player like GWC will continue to post strongoperating and financial results on a sustainableand consistent basis. With both our capacity andgeography expansions expected to further pushbusiness volumes and revenues, the future looksbright. I would like to take this opportunity toexpress thanks to all stakeholders for their supportand contribution in making GWC a vital part of thecountry’s economy.Mohamed Ismail Al EmadiChairman
18Annual Report 2012DEAR SHAREHOLDERS,Firstly I would like to thank theChairman and the Board ofDirectors in entrusting me theManaging Director’s responsibilityfor this great company and I lookforward to working alongsidea great board and an agilemanagement team that hasbrought GWC to such greatheights. I bring more than 22 yearsof experience in the supply chainindustry to this position whichI’m currently integrating into thecompany to achieve the goalsset in their business model, itsfull scope and the potential forsustainable growth.ManagingDirector’sLetterIn FY2012, GWC onceagain displayed exemplaryperformance while maintainingits peer position in terms ofgrowth within the industry.PerformanceIn FY2012, GWC once againdisplayed exemplary performancewhile maintaining its peer positionin terms of growth within itsindustry. GWC is also comfortablythe largest player, with strongprofitability and cash generatingposition. During FY2012, each ofbusiness verticals has deliveredstrong performance and additionto the group’s aggregaterevenues and profits. In FY2012,we grew revenue by 14.34percent compared to FY2011, tocross QR 479.7 million. We alsogenerated an operating profitof QR 94 million, representing a42% increase over the previousyear’s results. We produced anEBIDTA of 27.54% amounting toQR 132.12 million and generated
Gulf Warehousing Companyfree cash flows of QR 117 million,45 percent above last year. I ampleased to inform you that basedon this year’s earnings, the Boardhas recommended to issue 20%bonus shares (one share for everyfive shares held). Total Assets ofGWC increased by QR 331 millionto QR 1579.6 million and TotalLiabilities of GWC increased byQR 310 million to QR 872 millioncompared to FY 2011. The changesare mainly due to the Company’sinvestments greenfield assetadditions in the LVQ project andoperating contribution. The equityof the Group has increased by QR20.4 million to QR 707.2 million;this represents a debt-equity ratioof 1.07 percent (2011: 0.61 percent).19Staying the Course ofGrowthThere are enormous opportunitiesto be had in this countrywhich continues to grow at anaccelerated rate. The difficultiescreated by global slowdownare not over, but we have beenprivileged to establish somestrong relationships both inthe private sector and withgovernment agencies in Qatar.Indeed, government supporthas been overwhelming, andin return we have strived to bean example of what 3PL has tooffer. The Company, its directorsand its management teams haveundeniably proven that they candeliver unique, comprehensivelogistics solutions that havebecome the infrastructure uponwhich the country has grown.Selling and growing ourrelationships are our corestrengths. Our focus on gainingmarket share through sales andaccount management and ourexpanded menu of services havecontinued to generate successand create opportunities forus in the marketplace. Whileaccelerated volume growth inFY2012 is encouraging, the timingand strength of the global freightmarket recovery are anythingbut clear. The difficulties createdby global slowdown are not over.We should be ready to face thechallenges in 2013 as we dealwith a mixed economic climate,We grew revenueby 14.34
Sh. Fahed Bin Hamad Bin Jasim Al Thani Vice Chairman Sh. Abdulla Bin Fahad Bin J.J Al Thani Member Mr. AbdulAziz Zeid Al Taleb Board Member and Managing Director Mr. Ahmed Mubark Al-Ali Al-Mahdid Member Dr. Hamad Saad M. Al-Saad Member Mr. Mohd Thamer M. Al-Aseri Member Mr. Jassim Sultan J. Al-Rim
The Emir, Sheikh Tamim Bin Hamad Al-Thani, H.E. The Prime Minister, Sheikh Khaled Bin Khalifa Al-Thani, H.E. The Minister of Finance, Mr. Ali Sharif El-Emadi, H.E. The Minister of Commerce and Industry, Mr. Ali Bin Ahmad Ali Al Kuwari, and H.E. The QCB Governor, Sheikh Abdullah Bin Saoud Al-
Jassem bin Jabor Al-Thani Chairman of GWC Mr. Jassim Sultan J. Al- Rimaihi Member Mr. Mohammed Hassan Al-Emadi Member Ms. Henadi Anwar Al-Saleh Member Sheikh Fahad bin Hamad bin Jassem Al-Thani Vice Chairman Dr. Hamad Saad M. Al Saad Member Mr. Ahmed Mubarak Al-Ali AL Mahdid Member Mr. M
Husain Husain Ahmed Saeed Mansoor Alasfoor. 11 Ismaeel Mustafa Ismaeel Alawadhi Jamila Zarkhan Mirazam K.Saleh . Lulwa Hamad Ahmed Khalifa Alsisi Albuainain Mahmood Khalid Mahmood Husain Ali Manar Ebrahim Ali Saif Abdulrahman Marwa Abdullatif Abdulrahman Mohamed Maryam Habib Khan Bakhtawar Khan Sayed Khan Maryam Mohamed Ebrahim Mohamed .
Chapter 1 iii Foreword The Qatar National Vision 2030 (QNV 2030), launched in October 2008 by His Highness Sheikh Tamim bin Hamad Al Thani, Heir Apparent, defines long-term development outcomes for Qatar, and provides a framework within which national develop
It has been reported from Ali, Ibn Abbas, Ubadah bin As-Samit, Abu Hurayrah, Shaddad bin Aws, Ibn Umar, Muhammad bin Ali bin Al-Husayn, Makhul, Bakr bin Abdullah Al-Muzani, Bukayr bin Al-Ashaj, Malik, Ibn Abi Dhi'b, and Abdul Aziz bin Abi Salamah Al-Majishun, they all said, "Ash-Shafaq is the redness (in the sky).
Jun 08, 2000 · H.E. Sheikh Hamad bin Jassim bin Jabor Al-Thani, Minister for Foreign Affairs, H.E. Mr. Ahmed bin Abdullah Al-Mahrnoud, Minister of State for Foreign Affairs, as Observers. The State of Bahrain is represented by: H.E. Mr. Jawad Salim Al-Ara
Sheikh Muhammed Nuru 11th, 12th & 14th September Sheikh Mustafa Masood 13th September Ashare Zainabiya – Ladies Morning Majlis Zakira Farwah Vakil 18th - 19th September, 24th – 28th September Ashare Zainabiya – Night Majlis Sheikh Mustafa Masood 17th – 19th September Sheikh Imran Hosein (Wales, UK) 23rd – 28th September
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