Mubasher: Gulf Warehousing Company on Tuesday announced that it will incorporate two new subsidiaries in Qatar at a combined capital of QAR 1.2 million.

The first company is LEDD technology, with a capital of QAR 200,000, while the second is GWC Sea Freight company, a transporting firm, with a capital amounted to QAR 1 million, Gulf Warehousing said in a statement to the Qatar Stock Exchange (QSE).

Over the full year 2017, the Qatari warehousing firm’s profits grew 5.1% to QAR 215.4 million from QAR 205 million in the prior year.

By 10:40 am Qatar time, Gulf Warehousing's stock advanced 3.62% to QAR 41.45.