GWC receives ratings from Capital Intelligence with 'stable' outlook
Matthew Kearns: A key driver for enhancing our performance in the upcoming period.
Doha / Qatar: Gulf Warehousing Company Q.P.S.C (GWC), one of the leading logistics providers in the MENA region, announced that Capital Intelligence (CI) has assigned the company first-time Long- and Short-Term ratings on the Qatar National Scale of 'qaA-' and 'qaA2', respectively. The Outlook on the ratings is 'Stable'.
The international agency confirmed that GWC is by far the largest logistics services provider in Qatar, and it has a dominant market share in its home market. Moreover, it enjoys a strong financial position, while its wholly owned subsidiary, Flag Logistics, launched in early 2024, is performing well with promising future expansion opportunities.
According to Capital Intelligence, GWC's current focus at home will increasingly be on improving margins by introducing higher value-added supply chain services, supported by its solid capital base. This base is set to be bolstered as a result of the planned issue of a subordinated perpetual sukuk, which was recently approved by GWC's Extraordinary Assembly General Meeting in compliance with Islamic Sharia principles, with a total value of QAR2 billion (or its equivalent in other currencies).
The agency also highlighted GWC's credit strengths, including strong cash flows, as the company works on increasing overall occupancy at its existing facilities in Qatar while simultaneously aiming to grow the proportion of higher margin 3PL (third-party logistics) and 4PL (fourth-party logistics) revenues in its overall top line.
Sheikh Abdulla Bin Fahad Bin Jassim bin Jaber Al Thani, GWC Managing Director, said: 'Capital Intelligence is one of the largest rating agencies in the world, and therefore, its first-time rating of GWC with a stable outlook is an international endorsement of the strength of the business model. It clearly reflects the company's leadership position in the logistics sector and the significant progress it has made in enhancing its performance, alongside the current expansion strategy to diversify income sources, maintain stable cash flows, and ensure sustainable profitability.'
Matthew Kearns, GWC's Acting Group CEO, said: 'This rating aligns closely with the efforts to enhance GWC's performance in the logistics sector, support small and medium-sized enterprises, foster innovation, focus on sustainability, and contribute effectively to the diversification of the national economy and Qatar's National Vision 2030. The rating also serves as a major catalyst to further improve performance in the upcoming period and deliver the best value for shareholders.'
GWC is maintaining its position as the premier provider of warehousing and distribution solutions across diverse sectors, serving entrepreneurs, micro, small and medium enterprises, as well as multinational corporations. GWC's contributions to the logistics sector were recognised with multiple awards in 2024. The Al Wukair Logistics Park was named 'Project of the Year' by meed projects showcasing GWC's ability to deliver forward-thinking infrastructure that meets the evolving needs of the market. Additionally, Qatar's General Authority of Customs honoured GWC for its efforts in streamlining customs processes, further cementing its reputation as a trusted logistics partner. GWC was also ranked ninth regionally in the transport and logistics category on Forbes Middle East's Sustainability Leaders 2023 and 2024. The prestigious list recognizes 105 companies leading impactful sustainability initiatives across the region.
About GWC Group
Established in 2004, GWC has become the No. 1 logistics and supply chain solutions provider in the State of Qatar and one of the fastest growing companies in the region. GWC offers best-in-class logistics and supply chain services that include warehousing, distribution, logistics solutions for hazardous materials, freight forwarding, project logistics, sporting events and equestrian logistics solutions, fine art logistics, supply chain consulting services, transportation, records management, and local and international relocation services. GWC benefits from a global freight network and massive logistics infrastructure spanning over 4 million square meters. GWC was the first Regional Supporter and the Official Logistics Provider for the FIFA World Cup Qatar 2022™.
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