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GulfNav reports 39% jump in Q1 profits

GulfNav reports 39% jump in Q1 profits
Profits were up 39% in the first quarter for Dubai-headquartered tanker owner Gulf Navigation Holding (GulfNav).

GulfNav reported a first quarter profit of AED8.8m ($2.4m) in the first quarter of 2017 compared to AED6.3m in the same period a year earlier.

The company noted the improved quarterly result came after it successfully settled legal cases and entered into various global partnerships.

“We are moving with confidence towards achieving our strategic plans, enhancing our global business reputation, improving our capabilities and operational efficiency as well as our ability to be more competitive without compromising on quality,” said Khamis Juma Buamim, md and group ceo of GulfNav.

GulfNav is the only specialist marine services and shipping company listed on the Dubai Financial Market.