Published On: Sun, Nov 1st, 2015

Gulf Navigation Holding reports 123% growth

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Dubai-based shipping company Gulf Navigation Holding has reported a 123% profit growth YoY at the end of the third quarter of 2015, following continuous intensified efforts to address creditor concerns.

According to GULFNAV’s financial report, net income reached $4.283mn for the nine-month period ending September 30, 2015, up on $1.92 mn posted during same timeframe last year. From January to September of this year, the company’s total revenues also experienced an increase of 11%, with earnings hitting $28.607m. The revenues during the same period in 2014 stood at $25.767m.

Hazza Baker Al Qahtani, founder and chairperson of Gulf Navigation Holding PJSC, said: “By the end of the third quarter 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 past nine months were also the result of several key factors, most notably the healthy increase in volume of our shipping services and marine product sales and distribution business, improvement in tanker spot rates, and reduction in off-hires. We are confident that we will continue this upward trajectory, with the company ending stronger by the end of this year.”

Gulf Navigation Holding PJSC is the only maritime and shipping company listed on the Dubai Financial Market, under the symbol GULFNAV.

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