GulfNav Reports 1Q Profit Surge

GulfNav Dubai-based shipping company Gulf Navigation Holding PJSC (GulfNav) ended the first three months of 2017 with a 39 percent year-on-year (YOY) rise in its net income. In 1Q 2017, the companys profit increased to AED 8.8 million (USD 2.4 million) from AED 6.3 million (USD 1.7 million) posted in the same period a year earlier. The result came on a stage while the company is witnessing a significant improvement in its performance, successful settlement of legal cases and entering into various global partnerships to strengthen its competitive position in the marine sector, GulfNav said. The improvement came although GulfNavs operating profit for the quarter decreased to AED 3.1 million from AED 5.1 million seen in 1Q 2016. Additionally, operating revenue dropped to AED 29.4 million during the three-month period ended March 31, 2017, from AED 34.4 million recorded in the same period last year. “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,” Khamis Juma Buamim, Managing Director and CEO of GulfNav, commented. Earlier this year, the company reached a final settlement with three lenders including DVB Bank SE, BNP Paribas and DNB Bank ASA related to very large crude carriers (VLCCs) sold in 2014. In April, GulfNav revealed plans to issue a senior and unsecured Sukuk with a total value of up to USD 250 million by public offering, redeemable within five years at profit rate less than 10 percent.