Gulf Navigation Holding PJSC first quarter profit up by 85.89%

The total revenue of the company was Dhs94.84m, up by 66.50 % compared to Dhs56.96m in first quarter of 2007.

The total asset value of the company stood at Dhs2.85bn on March 31, 2008 whereas shareholder's equity was Dhs 1.67bn. Its earnings per share as on March 31, 2008 were recorded at Dhs0.027

Commenting on the performance first quarter, Engineer Abdullah Al Shuraim, Chairman of Gulf Navigation Holding PJSC, said, "We are upbeat about our latest financial performance and keen to build upon new management initiatives undertaken with a view to augment our efficiency and heighten our growth.

'As shown at our AGM and EGM earlier, our shareholders have provided their backing by approving the management's plans including allowing non-GCC nationals to hold 20% of our shares."

Providing guidance about the company's performance during the remainder of the year, Engineer Abdullah Al Shuraim added, "We will announce a few management initiatives aimed at enhancing our profitability and leapfrogging our growth in due course. The outlook for the company is strong and our goal is to continue growth path.

GULFNAV announced a record profit of Dhs116.05m in 2007 compared to Dhs52.57m for 2006, up by 120.77% with total assets of Dhs2.69bn, the company AGM approved distribution of 7 fils per share as dividends for the year 2007. The company with a capital of Dhs1.655bn, started trading on the Dubai Financial Market February 07, 2007. ö At the company EGM it was approved to allow non-GCC national investors to hold up to 20% of its equity i.e. 331,000,000 shares.