Sunday 22 July 2018

Gulf Navigation posts net profit of $5.2m in H1

DUBAI, August 13, 2017

Dubai-based Gulf Navigation Holding has reported its net profit of Dh19 million ($5.2 million) during the first half of 2017, compared to Dh14 million ($3.9 million) achieved during the first half of 2016, an increase of 33 per cent.

This announcement comes concurrently with the new phase the company is launching to strengthen its position and competitiveness globally. Gulf Navigation is aiming to be one of the innovative service providers in the maritime and shipping industry, said a statement.

Furthermore, the company’s current assets in 2017 now exceeds current liabilities (excluding borrowing) by Dh115.44 million ($31.54 million) on the June 30, of this year, it said.

Whereas it was negative Dh90 million ($24.59 million) on December 31, 2016. This improvement is considered a significant achievement that will enhance the financial position of the company, it added.

Khamis Juma Buamim, board member, managing director and group CEO of the Gulf Navigation Holding Group, said: “Since we started a new phase to improve our performance and expand our business scope, our strategy focused on three main pillars: expansion, growth and permanence, which aligns with our vision “A Broad Vision to a New Horizon”.”

“We have also succeeded in achieving many goals, starting by addressing the outstanding legal, financial and administrative issues, to launching our new brand that reflects the strategy of the company to enhance our position in the market,” he said.

“This will contribute in increasing our profits by 300 per cent in 2021 as well as increasing our fleet size to include additional 20 ships of multiple tasks by the second half of 2020,” he added.

Buamim continued: “We are determined to increase our profit and we are looking forward to more success that will ensure great returns to our partners and shareholders.”

“Currently, we are going through a comprehensive development to create a ‘one-stop shop’ to provide integrated maritime services with absolute commitment to the highest standards of quality, global security, safety and environmental protection standards. Therefore, it will contribute in diversifying the company’s business and increase the assets and added value for shareholders,” he said.

As a step to secure funds to cover Gulf Navigation expansion strategy, the company plans to issue Islamic Sukuk, with a total value of $250 million, as previously announced. – TradeArabia News Service

Tags: | profit | Gulf Navigation | H1 |

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