National Ratings Assigned to Gulf Warehousing Company

Capital Intelligence Ratings (CI Ratings or CI) today announced that it has assigned to Gulf Warehousing Company (or GWC) first-time Long- and Short-Term ratings on the Qatar National Scale of ‘qaA-’ and ‘qaA2’, respectively The Outlook on the ratings is Stable.

We see GWC as having a very sound financial profile. The Company is by far the largest logistics services provider in Qatar, and it has a dominant market share in its home market. Although geographical diversification is still limited at present, the relatively new Omani operation (FLAG Logistics) is performing well, with scope for further expansion in the future – although there are no firm plans for this at present. At home, the focus will increasingly be on improving margins by introducing higher value-added supply chain services.

The end-2024 asset base was dominated by fixed assets in the form of PP&E (73.5%), capital work in progress (2.2%) and right of use assets (4.4%). The second largest asset…