Gulf Navigation doubles profit in 2015

By Finance

Gulf Navigation Holding PJSC (GULFNAV), the Dubai-based shipping company, has achieved a 101% profit growth by the end of year 2015 compared to the previous year.

The Company released its latest financial statement amidst its strong and consistent financial turnaround and continuous intensified efforts to address creditor concerns.

Gulf Navigation doubles profit in 2015

Image: GULFNAV

According to GULFNAV’s financial report, its net income reached AED 20.172 million (USD 5.51 million) for the year ended 31 December 2015. This is significantly higher compared to the 2014 profit of AED 10.028 million (USD 2.74 million). For the year 2015, the Company’s total revenues also experienced a considerable increase of 12%, with earnings reaching AED 143.183 million (USD 39.121 million). The revenues during the year 2014 stood at AED 127.7 million (USD 34.891 million).

H.E. Salem Ali Al Zaabi, Vice Chairman of Gulf Navigation Holding PJSC, said: “By the end of 2015, GULFNAV continued to achieve a sizeable profit improvement from 2014. All our operating segments have significantly contributed to the overall net earnings of the Company. Our higher revenues in the year 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 are also striving to resolve disputes with the specified parties and to reach an amicable settlement which will further strengthen our financial footing and spearhead the Company towards the path of expansion/ growth. We hope to continue the trend of soaring profits in the year 2016 by focusing on further optimizing our core strengths, cost structure and introducing new products and services.”

As of December 31, 2015, the Company’s capital share capital amounted to AED 551.7 million, distributed as 551.7 million shares at AED 1 par value each. Gulf Navigation Holding PJSC is the only maritime and shipping company listed on the Dubai Financial Market, under the symbol GULFNAV.

Headquartered in Dubai with an overseas office in the Kingdom of Saudi Arabia, the fully integrated ship-owning firm and its group of companies own and operate a fleet of chemical tankers and auxiliary crew boats. GULFNAV is accredited by international certification body Det Norske Veritas for both International Safety Management (ISM) and International Ship Security Certification (ISPS Code). It is also ISO 9001:2008 (Quality Management System) accredited through Bureau Veritas, a global leader in Testing, Inspection and Certification (TIC).

Source: GULFNAV