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Gulf Navigation records Dh93m net profit in H1

DUBAI - Gulf Navigation Holding PJSC, a leading shipping and marine services company in the region has announced its financial results for the first six months of 2007. Net profit stood at Dh92.96 million compared to Dh47.59 million for the same period last year, a growth of 95 per cent. The company posted revenues of Dh200.88 million compared to Dh110.68 million in the first six months of 2007.

Besides strong global oil and petrochemicals flows, the results reflect the company's strategy balancing of long-term and med-term charters with key clients.

The total asset value of the company stood at Dh2.865 billion on June 30, 2008 whereas shareholder's equity was Dh1.770 billion. Its earning per share as on June 30, 2008 was recorded at Dh0.056.

Engineer Abdullah Al Shuraim, Chairman of Gulf Navigation Holding PJSC said: "In these times of all round growth, we have decided to consolidate our fleet deployment and we are watching the market very closely to grow our fleet through new building and purchase of new tankers and acquisition of companies with fleet in our line of business at the right time and are moving towards a higher percentage of long and med term charters.

Eng Al Shuraim added we strive to maintain the confidence level of our investors, including the new international investors who have benefitted from our board's and EAGM decision to allow 20 per cent foreign shareholding.