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GulfNav on course for expansion as profits up 33% in H1

Gulf Navigation Holding (GulfNav) is on course for a major expansion of its business as it reports a 33% jump in first half profits.

Dubai-listed GulfNav reported a first half profit of AED19m ($5.2m) compared to AED14m in the first six months of 2016.

As the company continues to get back on a even keel current assets now exceed liabilities by AED115.4m compared to a negative AED90m at the end of 2016.

GulfNav has undertaken a course of expanding the scope of its business. “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,” said Khamis Juma Buamin, md and group ceo of GulfNav.

“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.”

GulfNav plans to issue a $250m Islamic Sukuk to secure funds to cover its expansion strategy.

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