Gulf Navigation doubles annual profit in 2015

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Gulf Navigation Holding, 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.
According to GULFNAV’s financial report, its net income reached AED 20.172 million for the year ended 31st December 2015. This is significantly higher compared to the 2014 profit of AED 10.028 million. For the year 2015, the company’s total revenues also experienced a considerable increase of 12%, with earnings reaching AED 143.183 million. The revenues during the year 2014 stood at AED 127.7 million.
Salem Ali Al Zaabi, GULFNAV Vice Chairman, 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.

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