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Al Qahtani ... confident that we will continue this
upward trajectory

Gulf Navigation posts 123pc profit growth

DUBAI, November 1, 2015

Dubai-based Gulf Navigation Holding (Gulfnav), a leading maritime and shipping company, has reported a substantial 123 per cent profit growth at the end of the third quarter of 2015 compared to the same period the previous year.

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.

From January to September of this year, the company’s total revenues also experienced a considerable increase of 11 per cent, with earnings hitting the Dh104.703 million ($28.607 million). The revenues during the same period in 2014 stood at Dh94.306 million ($25.767 million).    

Hazza Baker Al Qahtani, founder and chairman of Gulfnav, said: “By the end of the third quarter of 2015, the company 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,” he said.

“We are confident that we will continue this upward trajectory, with the company ending stronger by the end of this year,” he added. – TradeArabia News Service




Tags: | growth | Gulf Navigation |

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