Mubasher: Gulf Warehousing Group (GWCS) on Monday announced establishing two subsidiaries, namely GWC Shipping Services and ION Shipping Services, with a combined capital of QAR 6 million ($1.65 million).

Each subsidiary, wholly owned by GWCS, has been established as a limited liability company with a capital of QAR 3 million, according to the company’s statement to the Qatar Stock Exchange (QSE).

In February, the Qatari firm’s ordinary general meeting (OGM) and extraordinary general meeting (EGM) approved distributing a cash dividend of 19% of the share’s nominal value at QAR 1.9 per share as well as splitting the share’s nominal value to QAR 1.

GWCS reported a 10.66% profit increase year-on-year to QAR 64.34 million in the fourth quarter of 2018.  

For the full-year 2018, GWCS’ profits rose 10.26% on an annual basis, logging QAR 237.5 million.