Dubai: Gulf Navigation said on Tuesday its net profit jumped 49 per cent in the nine months to September. Net profits hit Dh131.2 million during the first nine months of the year, compared to Dh15.7 million recorded during the same period last year. It included Dh23.4 million in profit from operations, amounting to a considerable growth of 49 per cent.
“We are determined to implement our strategic plans that boost our reputation in global trade, capabilities and operational efficiency,” Khamis Juma Bu Amim, Board member, MD and Group CEO, said in a statement.
Gulf Navigation and its group of companies own and operate chemical tankers. The company, which was listed in February 2007 is the only maritime and shipping company listed on the Dubai Financial Market. The Gulf Navigation’s fleet comprises of 8 chemical tankers as well as four crew boats which are used in its shipping services business.
The company has secured long-term deals for an excess of 50 per cent of its current operating vessels, resulting in little exposure to changes in market demand. Additionally, Gulf Navigation has also successfully secured time charter contracts for most vessels under construction, the company said on its website.
