GulfNav posts AED10.15 million gross profit in Q1

Dubai / Emirates Business

Gulf Navigation Holding PJSC, headquartered in Dubai and listed in the Dubai Financial Market entitled with ‘GULFNAV’, announced a 5% increase in its gross profits by the end of first quarter 2018 in comparison to the first quarter 2017. This announcement comes consequently with the company’s successful completion of the requirements needed to make the Gulf Navigation compliant with the Islamic Sharia laws listed in the Dubai Financial Market.
The company released its recent financial reports representing continuous growth in its financial performance. Gross profit has reached AED10.15 million ($2.78 million) in the first quarter of 2018 compared to AED 9.6 million ($2.6 million) achieved during the first quarter of 2017, marking an increase of 5%. This increase reflects the company’s exceptional efforts to maintain its constant growth in various fields, mainly the company’s success to increase its assets by adding ‘Gulf Mishref’ and ‘Gulf Mirdif’ vessels to its fleet. This expansion has positively affected the company’s assets with an increase of 12% during 2017, in addition to an increase of 28% in gross revenues that reached AED37.7 million in the first quarter of 2018 compared to AED29.4 million during the first quarter last year. Moreover, the increase in revenues was accompanied by an increase in the operating expenses reaching AED27.5 million during the same period compared to AED 19.7 million in the first quarter of 2017.
The successful acquiring of the two petrochemical carriers to ‘Gulf Navigation Holding’ fleet is significant to enhance the company’s petrochemical transportation capabilities. The company aims at expanding its fleet to reach to 20 multipurpose vessels by the second quarter of 2020.
HE Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding, commented saying: “Diversifying our group’s income resources through various operational sectors in addition to the initial improvement in the shipping sector make us optimistic and confident about our operational and financial results in 2018. Furthermore, we have managed to become a ‘one-stop shop’ for the marine services sector. This has contributed to increasing our revenues generated by our main activity of transporting petrochemicals and
petroleum derivatives.”