Gulf Navigation Holding PJSC records net profit of Dhs116.05m

Profit is up by 120.77% as compared to the Dhs52.57m for 2006.

The results were announced following a meeting of the Board of Directors held on 6th of Feb. The Board has proposed cash dividend of 7 fils per share. This is subject to the approval at the Annual General Meeting.

Commenting on the company's performance, Engineer Abdullah Al Shuraim, Chairman, "2007 has been a remarkable year for GULFNAV. We were able to deliver a solid performance, superior financial results and impressive growth across all business areas. Our performance reflects the success of our strategy of innovation in providing high quality services to clients on the back of continued strong economic growth in the region."

GULFNAV's operating profit in 2007 rose to Dhs15.54m, an increase of 149.33% over that of 2006. Total assets have increased by 17.98% from Dhs2.28bn to Dhs2.69bn.

Engineer Al Shuraim added that the company performance will continue its growth financially and in total assets, and will see the performance for whole year. "Our first VLCC delivered in Aug 2007 has been chartered out for three years. In addition to that the company will receive 2 of its contracted 4 chemical tankers by May 2008 to be delivered to SABIC."

Simon Barham, Chief Executive Officer commented, "Our committed employees were able to meet client requirements and implement our new initiatives during 2007. We utilised our assets including our new super tanker, the Gulf Sheba, to the maximum through well placed charters and contracts. Going forward, we anticipate a series of management initiatives that will add tremendous shareholder value in 2008."

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.