Mubasher: Gulf Warehousing Company (GWCS) on Tuesday said that the company’s ordinary general meeting (OGM) and extraordinary general meeting (EGM) approved distributing cash dividends for the full-year 2018 and splitting the share’s nominal value.

The Qatar-listed firm’s OGM approved the profit and loss account of the fiscal year ended 31 December 2018 and a 19% dividend distribution of the share’s nominal value, or QAR 1.9 a share, according to GWCS’s statement to the Qatar Stock Exchange (QSE).

During the fourth quarter of 2018, GWCS registered a 10.66% year-on-year profit hike to QAR 64.34 million.

The Qatari company’s profits rose 10.26% to QAR 237.5 million for the full-year 2018, with a recommendation for distributing cash dividends at QAR 1.9 per share.

The GWCS’ EGM also agreed to split the nominal value of one share to QAR 1 from QAR 10 and amend the ownership rate of each shareholder to 35% from 25% of the total shares of the company.  

After amending the stock’s nominal value, GWCS’ capital reaches QAR 586.03 million, distributed over 586.03 million shares.

By 12:08 pm Qatar time, GWCS’ stock dropped 4.14% to QAR 41.81.