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Gulf Navigation net profit up 33% to Dh19m

Shipping company bolsters current asset base; remains determined to achieve a 300% increase in earnings by 2021

Gulf News

Dubai: Gulf Navigation, listed on the Dubai Financial Market (DFM), has announced a 33 per cent growth in net profit for the first half of 2017, compared with the same period in 2016.

In a statement on Sunday, the shipping company announced it had recorded a net profit of Dh19 million, a 33 per cent rise on the Dh14 million seen in the first six months of last year.

The company said that these results were in line with a new strategy it was launching to strengthen its position and competitiveness globally.

Gulf Navigation’s current assets now exceed current liabilities — excluding borrowing — by Dh115.44 million. This is an improvement since the end of 2016, when it was negative Dh90 million.

The company called this a “significant achievement that will enhance the financial position of the company.”

“We have... 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,” Khamis Juma Bu Amim, board member, managing director and group CEO of the Gulf Navigation Holding Group, said in a statement.

He added that his aim was to still increase Gulf Navigation’s fleet size by an additional 20 ships by the second half of 2020, whilst also raising profits by 300 per cent by 2021.

“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,” he added.

As a step to secure funds to cover Gulf Navigation’s expansion strategy, the company plans to issue sukuk worth $250 million (Dh918.25 million), as announced in April 2017.

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