Gulf Warehousing, Silver for Shipping to set up logistics JV

Mubasher: Gulf Warehousing Company (GWCS) on Thursday announced that it has signed a joint venture (JV) agreement with Spain's Silver for Shipping Investment Limited (BVI) in order to provide enhanced shipping, logistics, and other related services in Qatar.

The annual revenue of this agreement is expected to start from QAR 3 million, GWCS said in a statement to the Qatar Stock Exchange (QSE), adding that the first full financial year for this service would begin in 2019.

Moreover, the agreement, which was signed with the Spanish firm, will not require financing. The JV will be executed on a call-off basis, performing the company’s regular activities, the Qatari firm added.

The service will work on improving Gulf Warehousing’s local market capabilities and its current range of services.

"Therefore a marginal growth is expected for the company’s overall financial position," Gulf Warehousing concluded.

It is worth noting that GWCS’s profits witnessed a 9.9% year-on-year increase to QAR 115.66 million during the first half of 2018.

By 10:55 am Qatar time, GWCS’s stock declined 0.25% at QAR 40.13.

Mubasher Contribution Time: 30-Aug-2018 08:35 (GMT)
Mubasher Last Update Time: 30-Aug-2018 09:04 (GMT)