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Gulf Navigation reports profit jump

Gulf Navigation reports profit jump

Gulf Navigation has continued its turnaround with a 123% jump in profits for the first nine months of 2015.

The Dubai-headquartered tanker firm reported a net profit of AED15.68m ($4.28m) for the first three quarters of 2015, compared to AED7.03m in the same period in 2014.

Revenues for the first nine months of the year were up 11% at AED104.7m, compared to AED94.3m in the corresponding period in 2014.

Hazza Baker Al Qahtani, founder and chairman of Gulf Navigation commented: “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.”

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