Gulf Navigation Holding half yearly profit jumps 310 per cent

• Net profit of AED 47.59 million in the first half of 2007
• Revenue of AED 110.68 million, up 164 per cent
• Expects to take delivery of its first supertanker (VLCC) in August 2007
• Growing demand for petro-chemicals and product transportation

The profit is 310 per cent higher than the AED 15.44 earned in the first half of 2006. Revenue increased by 164 per cent to AED 110.68 million as compared to the same period last year.

Total assets at the end of June 2007 were AED 2.283 billion. Shareholders' equity stood at AED 1.727 billion and the company's earnings per share was AED 0.0393 as on 30th June 2007.

Engineer Abdullah Al Shuraim, Chairman of Gulf Navigation Holding PJSC, said: "Our half yearly results reflect the sustained levels of performance that the management team has put in under the able guidance of our Board of Directors. Besides the continuing trend of strong global demand for crude products and petro-chemicals transportation, the results also demonstrate our enhanced global competitiveness. We are creating a truly globally competitive company operating from the region. This is a significant step in the industrial development of the region."

The eight months results reflecting performance from date of incorporation to 30th June 2007 show a net profit of AED 65.05 million and revenue of AED 146.30 million. The fist financial year for the company will include results from incorporation up to end of December 2007.

Commenting on the company's activities during the remainder of the year, Engineer Al Shuraim added, "We intend to beat expectations of our performance that were made during our listing earlier this year. We anticipate continuing growth in our business for the next few months. We shall also take delivery of our first very large crude carrier (VLCC) in August 2007. This shall give us significant leverage to move into the next phase in our development."

GulfNav trading began on the Dubai Financial Market on February 07, 2007. It is the 48th company to list on the DFM and the third company trading in the transportation industry sector.