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Combined Cargo's profit rises 124pc
ABU DHABI - Net profits of Combined Cargo UAE (CCU), the Abu Dhabi-based ship investment joint venture set up by the UAE Offsets Group (UOG), went up 124 per cent to Dh23.38 million in 2003 from Dh10.42 million the previous year.
The strong performance was traced to the high density of bulk transportation that pushed up CCU's revenues by 31 per cent to Dh103.63 million. The bulk operations included the transportation of aggregates from the UAE to other GCC states, transloading iron ore and servicing the regional aluminium industry.
The year 2003 also saw CCU undergo changes in its shareholding structure to become a cent per cent local company. The company is now owned 34.2 per cent by Oman & Emirates Investment Holding Company and 32.9 per cent each by the Abu Dhabi Investment Company and General Investments FZE.
CCU, which has direct or indirect ownership of five vessels, in a bid to diversify operations, has also set up a ship contract joint venture with Klavenes, according to the UOG News publication.
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