During the third quarter of 2008, profit increased to Dh43.9 million
Gulf Navigation Holding PJSC, a leading shipping and marine services company in the region, has posted a Dh136.9 million profit for the first nine months of 2008.
Profit is 100 per cent higher than the Dh68.1 million profit earned during the same period in 2007, while revenue increased by 77 per cent per cent to Dh 306.4 million. During the third quarter of 2008, profit increased to Dh43.9 million as compared to Dh20.5 million for the same period in 2007.
Engineer Abdullah Al Shuraim, Chairman of Gulf Navigation Holding PJSC, said: ?Our financial results continue to demonstrate the strengths of the company and its business model. Despite the global economic slowdown worldwide that is being felt in all sectors of the market especially in the shipping industry, we have posted impressive earnings and profitability. We have bucked the trend due to our core focus on owning and operating crude, clean petroleum product and chemical tankers coupled with excellent client relationships.?
All the company"s cash and liquid assets are invested in Shariah complaint short term products with local and Islamic banks in the UAE and are reserved for the company expansion plans.
Providing guidance on the company"s performance for the remainder of the year and for 2009, Engineer Abdullah Al Shuraim added: ?We anticipate continued business growth with the continued delivery of the remaining tankers under construction from Korean ship yards.?