Gulf Warehousing Co.

Gulf Warehousing Co.

QQSE:GWCS
2.30
QAR
+0.08
(+3.65%)
0.21EPS
11.10P/E
1.35BMarket Cap
Oct 27Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
1.01
1.26
1.53
1.46
1.67
2.1
2.08
2.11
2.22
2.59
2.57
2.7
2.36
2.32
Basic EPS, GAAP
0.2
0.27
0.36
0.35
0.37
0.39
0.43
0.4
0.38
0.41
0.37
0.29
0.2
0.21
Free Cash Flow per Basic Share
-0.18
-0.06
-0.41
-0.8
0.2
0.65
0.44
0.15
0.05
-0.03
0.12
0.51
0.83
0.6
Dividend per Share
- -
0.14
0.14
0.15
0.16
0.17
0.19
0.2
0.1
0.1
0.1
0.11
0.1
0.1
Book Value per Share
1.55
1.67
2.97
2.59
2.69
2.84
3.06
3.26
3.53
3.81
4.07
4.24
4.34
4.35
Tangible Book Value per Share
1.28
1.42
2.7
2.38
2.49
2.61
2.85
3.06
3.33
3.61
3.86
4.02
4.14
4.14
Basic Weighted Avg Shares
521
521
514
581
586
586
586
586
586
586
586
586
586
586
Sales/Revenue/Turnover
527
657
788
850
981
1,232
1,222
1,234
1,304
1,519
1,508
1,583
1,382
1,358
Operating Margin (%)
23.1
22.11
23.9
25.29
26.49
25.48
25.76
23.99
22.08
20.15
21.49
18.98
16.2
15.48
Depreciation Expense
63
80
95
107
128
183
171
161
163
172
207
239
224
215
Net Income, GAAP
102
140
185
206
215
227
250
236
225
240
215
172
120
121
Effective Tax Rate (%)
- -
- -
- -
- -
- -
0.05
- -
0.7
0.99
0.94
0.73
1.26
1.07
0.68
Profit Margin (%)
19.27
21.35
23.5
24.21
21.96
18.41
20.42
19.13
17.25
15.77
14.26
10.86
8.69
8.94
Working Capital
127
197
790
501
284
373
256
216
90
6
-104
-181
330
314
LT Debt
772
995
1,232
1,682
1,816
1,743
1,494
1,533
1,435
1,467
1,680
1,434
1,901
1,825
Total Equity
803
869
1,407
1,516
1,573
1,661
1,792
1,905
2,083
2,244
2,403
2,506
2,562
2,564
Return on Invested Capital (%)
7.86
9.63
9.41
7.62
7.4
8.76
9.33
8.11
7.48
7.44
7.22
6.57
4.97
4.77
Return on Capital (%)
8.24
9.61
9.35
7.9
7.64
8.85
9.39
8.12
7.15
5.81
4.94
3.87
2.67
2.88
Return on Common Equity (%)
13.42
16.71
16.22
14.04
13.92
14
14.43
12.75
11.32
11.14
9.32
7.06
4.77
4.85

Capital Structure

QAR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
245
243
241
LT Borrowings
1,555
1,510
1,459
LT Finance Leases
346
365
366
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
586
586
586
Market Capitalization
1,313
1,232
1,347

Working Capital

QAR

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
938
935
939
Cash, Cash Equivalents & STI
354
286
232
Accounts Receivable, Net
393
435
446
Inventories
6
6
7
Total Current Liabilities
609
640
625
Payables & Accruals
- -
- -
- -
ST Debt
245
243
241
Deferred Revenue
- -
- -
- -

Growth Rates

QAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.2%
6.14%
2.25%
Free Cash Flow
-21.48%
-66.23%
60.93%
Net Income, GAAP
-3.3%
-11.73%
-30.16%
Sales/Revenue/Turnover
6.27%
2.74%
-12.7%
Total Cash Common Dividend
- -
- -
-9.09%

Quarterly Revenue

QAR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
376
373
443
391
1,583
2025
368
345
- -
336
1,382
2026
318
359
- -
- -
- -

Quarterly Earnings Per Share

QAR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.09
0.08
0.08
0.04
0.29
2025
0.06
0.04
- -
0.06
0.2
2026
0.06
0.05
- -
- -
- -

Quarterly Dividends Per Share

QAR

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.11
- -
- -
- -
0.11
2025
0.1
- -
- -
- -
0.1
2026
0.1
- -
- -
- -
- -

Company Description

CEO
Meppurath Ranjeev Menon
Full Time Employees
350
Sector
Transportation
Industry
Other transportation
Address
D Ring Road Doha DA Qatar 9763
IPO Date
Oct 1, 2006
Business
Gulf Warehousing Company Q.P.S.C. Gulf Warehousing Company Q.P.S.C. (GWCS.QA) operates as Qatar's leading provider of comprehensive logistics and supply chain solutions, offering end-to-end services including contract logistics with warehousing, inventory management, and distribution across multiple facilities; freight forwarding via land, air, and sea; hazardous materials (Hazmat) and pharmaceutical logistics; global e-commerce fulfillment with last-mile delivery and integrations for platforms like Amazon and Shopify; inland transportation with one of Qatar's largest vehicle fleets; project logistics for heavy equipment and turnkey solutions; records and asset management with digitization and secure destruction; relocations for international moving; event and sports logistics; fine art and equestrian transport; shipping agency services; and consulting for supply chain optimization. The company serves diverse sectors such as oil and gas, retail, FMCG, healthcare, banking, government, shipping, aviation, NGOs, sports and event management, fine art, and small to medium enterprises, primarily targeting Qatar, the GCC region including Saudi Arabia and Oman, and extending internationally through strategic hubs. Established in 2004 as a Qatari shareholding company and headquartered at D Ring Road, Building 92, Doha, Qatar, GWCS.QA maintains full ownership of key subsidiaries like Flag Logistics Services W.L.L., GWC Logistics Holding L.L.C., and branches in Saudi Arabia (Riyadh, Dammam, Jeddah), alongside operational presence in Oman via FLAG Oman Distribution Centre in Khazaen Economic City. In recent developments, GWCS.QA acquired a strategic minority stake in Quivo, an Austria-based logistics technology firm, in 2025 to enhance e-commerce capabilities and expand into Europe and the US, integrating Quivo's software across its Qatar, UAE, and Saudi facilities; signed a Head of Terms with GFH Financial Group in 2024 for 200,000 square meters of Grade A logistics infrastructure in Riyadh, Jeddah, and Dammam, Saudi Arabia; entered a Memorandum of Understanding via subsidiary GWC Energy Services with Saudi Offshore Fabrication Company for 100,000 square meters at Ras Al-Khair Industrial Port; launched FLAG Oman in 2024 to bolster GCC trade; renewed a five-year logistics agreement with Qatar Airways in 2025; and advanced sustainability with AI-driven systems, a sewage treatment plant earning Tarsheed's Best Water Recycling award, and recognition in Forbes Middle East Sustainability Leaders 2025. These initiatives underscore GWCS.QA's focus on technological innovation, regional expansion aligned with Saudi Vision 2030, and infrastructure development totaling over 4 million square meters, positioning it as a key enabler of Qatar's economic diversification and global logistics connectivity.