Gulf Navigation net profit up 33 percent in H1

Gulf Navigation, a shipping company based in Dubai, has announced a 33 percent growth in net profit for H1 2017, against the same period in 2016.

In a statement on Sunday, the company announced it had recorded a net profit of AED19 million, a 33 percent rise on the AED14 million seen in the first six months of last year.

The company said that these results were in line with a new strategy aimed to strengthen its position and competitiveness globally.

"We have 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," Khamis Juma Bu Amim, board member, managing director and group CEO of the Gulf Navigation Holding Group, said in a statement.

"We are determined to increase our profit and we are looking forward to more success that will ensure great returns to our partners and shareholders," he added.

Furthermore, the company’s current assets in 2017 now exceeds current liabilities, excluding borrowing, by AED115.44 million on June 30, according to the company's statement.

Source: Wam