Gulf Navigation Posts 123pct Profit Growth

 

The company released its latest financial statement amidst its strong and consistent financial turnaround and continuous intensified efforts to address creditor concerns, said a statement from the company.  

 

According to Gulfnav’s financial report, its net income reached Dh15.676 million ($4.283 million) for the nine-month period ending September 30, 2015. This was significantly higher compared to the 2014 profit of Dh7.030 million ($1.92 million) posted during same timeframe.

 

Hazza Baker Al Qahtani, Founder & Chairman of Gulf Navigation Holding PJSC, said: “By the end of the third quarter of 2015, GULFNAV continued to achieve a sizeable profit improvement from 2014. All our operating segments have significantly contributed to the overall net earnings of the company."

 

"Our higher revenues in the past nine months were also the result of several key factors, most notably the healthy increase in volume of our shipping services and marine product sales and distribution business, improvement in tanker spot rates, and reduction in off-hires. We are confident that we will continue this upward trajectory, with the company ending stronger by the end of this year,”Hazza Baker said.

 

As of September 30, 2015, the company’s capital share capitals amounted to AED 551.7 million, distributed as 551.7 million shares at AED 1 par value each.  Gulf Navigation Holding PJSC is the only maritime and shipping company listed on the Dubai Financial Market, under the symbol GULFNAV.