Dubai-based company, Gulf Navigation Holding, has reported its net profit of AED19mn ($5.2mn) during the first half of 2017, compared to AED14mn ($3.9mn) achieved during the same period in 2016, an increase of 33%.
In a statement issued by the company, it announced that the companys current assets in 2017 now exceed current liabilities (excluding borrowing) by AED115.44mn ($31.54mn). The numbers were AED90mn ($24.59mn) at the end of 2016. This improvement is considered a significant achievement that will enhance the financial position of the company.
Khamis Juma Buamim, board member, managing director, and group CEO of the Gulf Navigation Holding Group, said: Since we started a new phase to improve our performance and expand our business scope, our strategy focused on three main pillars: expansion, growth and permanence.
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; this will contribute in increasing our profits by 300% in 2021 as well as increasing our fleet size to include additional 20 ships by the second half of 2020.
As a step to secure funds to cover Gulf Navigation expansion strategy, the company plans to issue Islamic Sukuk, with a total value of $250mn.