Gulf Navigation Rapid Profit Growth

 

GulfNav announced 33% growth in net profits by the end of the first half of 2017, compared with the same period of 2016. This announcement comes concurrently with the new phase the company is launching to strengthen its position and competitiveness globally. Gulf Navigation is aiming to be one of the innovative service providers in the maritime and shipping industry.

 

The latest financial reports released by the company shows a continuous steady improvement in its financial performance. The net profit in the first half of 2017 was AED 19 million (US $ 5.2 million) compared to AED 14 million (US $ 3.9 million) achieved during the first half of 2016, at a growth rate of 33%.

 

Furthermore, the company’s current assets in 2017 now exceeds current liabilities (excluding borrowing) by AED 115.44 million ($31.54 million) on the 30th of June,2017. Whereas it was negative AED 90 million ($24.59 million) on 31st of December,2016. This improvement is considered a significant achievement that will enhance the financial position of the company.

 

Commenting on the results of the first half of 2017, Khamis Juma Buamim, Board Member, Managing Director and Group CEO of the Gulf Navigation Holding Group said: “Since we started a new phase to improve our performance and expand our business scope, our strategy focused on three main pillars: expansion, growth and permanence, which aligns with our vision “A Broad Vision to a New Horizon”. 

 

He added: "We have also succeeded in achieving many goals, starting by addressing the outstanding legal, financial and administrative issues, to launching our new brand that reflects the strategy of the company to enhance our position in the market. This will contribute in increasing our profits by 300% in 2021. As well as, increasing our fleet size to include additional 20 ships of multiple tasks by the second half of 2020.”