Gulf Navigation Holding profit for nine months in 2008 grows 100% to Dhs136.9m

Profit is 100% higher than the Dhs68.1m profit earned during the same period in 2007, while revenue increased by 77% to Dhs306.4m. During the third quarter of 2008, profit increased to Dhs43.9m as compared to Dhs20.5m for the same period in 2007.

Engineer Abdullah Al Shuraim, Chairman of Gulf Navigation Holding PJSC, said:

"Our financial results continue to demonstrate the strengths of the company and its business model. Despite the global economic slowdown worldwide that is being felt in all sectors of the market especially in the shipping industry, we have posted impressive earnings and profitability. We have bucked the trend due to our core focus on owning and operating crude, clean petroleum product and chemical tankers coupled with excellent client relationships."

All the company's cash and liquid assets are invested in Shariaa complaint short term products with local and Islamic banks in the UAE.and are reserved for the company expansion plans.

Providing guidance on the company's performance for the remainder of the year and for 2009, Engineer Abdullah Al Shuraim added: "We anticipate continued business growth with the continued delivery of the remaining tankers under construction from Korean ship yards. Gulf Navigation Holding has an aggressive expansion plan that will add to shareholder value in the long term and we intend to make the most of the opportunities presented to us by the global economic situation."

Gulf Navigation Holding had earlier entered into two 50:50 joint ventures with Stolt-Nielsen Indian Ocean Middle East Service Ltd. (wholly owned subsidiary of Stolt-Nielsen S.A.) to own and manage six 44,000 DWT coated chemical tankers to begin with.

This year, Gulf Navigation Holding took delivery of Gulf Fanatir in May then Gulf Huwaylat in August. The 46,200 DWT IMO Type II chemical carriers from the Hyundai shipyard in Ulsan, South Korea are chartered to SABIC for 15 years. Two additional tankers will be delivered to SABIC by the end of 2009.

Gulf Navigation is a UAE company based in Dubai. Its group companies and divisions own and operate crude, clean petroleum product and chemical tankers marine services agency, ship brokerage and commercial agencies for large number of global marine manufacturers.