Gulf Navigation doubles 2015 profit

Dubai - The shipping company's net income reached Dh20.2 million for the year ended December 31, 2015. This is significantly higher compared to the 2014 profit of Dh10.03 million.

 Gulf Navigation achieved a 101 per cent profit growth in 2015 compared to the previous year.
The shipping company's net income reached Dh20.2 million for the year ended December 31, 2015. This is significantly higher compared to the 2014 profit of Dh10.03 million.
The company's total revenues in 2015 increased 12 per cent, with earnings reaching Dh143.2 million. Revenue in 2014 stood at Dh127.7 million.
Salem Ali Al Zaabi, vice-chairman of Gulf Navigation Holding, said: "By the end of 2015, we continued to achieve a sizeable profit improvement from 2014. All our operating segments have significantly contributed to the company's overall net earnings. "Our higher revenues in 2015 were also the result of several key factors, most notably the healthy increase in volume of our shipping services, marine product sales and distribution business, improvement in chemical tanker spot rates, reduced finance costs and significant reduction in off-hires.
"We hope to continue the trend of soaring profits in 2016 by further optimising our core strengths, cost structure and introducing new products and services," he added.
As of December 31, 2015, the company's capital share capital amounted to Dh551.7 million, distributed as 551.7 million shares at Dh1 par value each. Gulf Navigation Holding is the only maritime and shipping company listed on the Dubai Financial Market.
Headquartered in Dubai with an overseas office in Saudi Arabia, the ship-owning firm and its group of companies own and operate a fleet of chemical tankers and auxiliary crew boats.
- business@khaleejtimes.com