Friday, May 13, 2011
Gulf News
Dubai Gulf Navigation Holding PJSC, one of the leading non-state ship owning and maritime services companies in the region, reported net profits of Dh220,000 during the first quarter of 2011, down from Dh3.07 million in the same period last year.
Net operating revenue accounted for Dh68.69 million compared to Dh67.17 million for the fourth quarter of 2010 and Dh80.18 million for the same period in 2010.
Operating profit before depreciation, finance costs and non-operating items was Dh9.89 million for the fourth quarter of 2010 and it accounted for Dh25.53 million in the first quarter of 2011 against Dh35.80 million for the same period last year. The company’s total assets as of March 31, 2011 stood at Dh2.691 billion compared to Dh2.41 billion at December 31 2010.
Abdullah Al Shuraim, Chairman of Gulf Navigation described the first quarter of 2011 as “challenging, yet satisfactory”.
“We consider the firstquarter part of a revitalisation process we started this year to make the company more dynamic and opportunistic to achieve higher profitability and better shareholder value,” he said.
More milestones
“The process started with Probo ships’ impairment, acquiring of three VLCCs as part of a new Saudi VLCC company, and re-alignment of the organisation. We have more milestones to cross, however. These include new and expanded fleets and international market listings.”
During the first quarter, Gulf Navigation Holding started executing its five-year plan by purchasing and chartering the Gulf Eyadah, a 300,000 dead weight tonne (dwt) very large crude carrier (VLCC), and building two new 320,000 dwt VLCC carriers. The ships will join the fleet in 2012 and 2013 and will be immediately delivered for ten-year charter agreements worth approximately Dh1.05 billion.
Gulf Navigation’s five-year strategic plan 2015 also calls for expansion of the VLCC fleet to nine vessels (18 million barrels), the chemical fleet to 12 ships, and development of Aframax and offshore fleets.
Quarterly report
Staff Report
Gulf News 2011. All rights reserved.
