Gulf Navigation Holding posts Dhs68.126m profits for the first three quarters of 2007

The net profit separately for the third quarter of the year is Dhs20.539m, which is up 269% compared to Dhs7.636m of the same period last year. As for the total revenue for the first three quarters of the year, the company put it at Dhs173.083m, which is up 159% in relation to Dhs108.816m, the total revenue for the first three quarters of the year 2006. As for the total revenue for the third quarter alone, it is Dhs62.408m, up 151% compared to Dhs41.416m, the revenue for the third quarter of last year.

The total asset's value under the company by the end of September 2007 stood at Dhs2.653bn, whereas the share holder's equity on the same date was Dhs1.748bn. Earnings per share as of September 30, 2007 stood at Dhs0.0412.

Commenting on the performance during the year so far, Engineer Abdullah Al Shuraim, Chairman of Gulf Navigation Holding PJSC, said it was reflective of the strong fundamentals of the company on the one hand and the global demand for crude products and petro-chemicals transportation on the other. "The results also demonstrate our enhanced global competitiveness. We are in the process of becoming a globally competitive company operating out of the region. And as such, we are evolving to play a global role that requires not only sustained growth, but also strong business fundamentals," he added.

Predicting the company's performance during the remainder of the year, Engineer Al Shuraim added:

"We are confident that the present trend of growth will continue during the rest of the year and beyond. Having taken delivery of our first very large crude carrier (VLCC), Gulf Sheba, in August 2007 and put her into operation, we are optimistic that that we have begun the move into the next phase in our development."

The vessel, which cost Gulf Navigation Dhs403m, was handed over to TMT of Taiwan soon after delivery, on a three-year time charter at the rate of $52,000 per day. The deal is expected to generate total revenues of about $56.9m for the company. More than half the cost of the vessel will be recovered from this contract alone.

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.