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Gulf Navigation posts Dh79 million net profit in H1
Dubai - The Dubai Financial Market-listed maritime and shipping company, said its operating revenue reached Dh62 million during the January-June 2021
Gulf Navigation reported Dh100 million operating profits in first half of 2021 as against Dh27 million operating loss in the same period last year. — File photo
Gulf Navigation Holding on Saturday reported a net profit of Dh79 million for first half of 2021 compared to a net loss of Dh51 million in the same period last year.
In a statement, the Dubai Financial Market-listed maritime and shipping company, said its operating revenue reached Dh62 million during the January-June 2021 compared to Dh68 million in the corresponding period last year. It also reported Dh100 million operating profits in first half of 2021 as against Dh27 million operating loss in the same period last year.
The DFM-listed firm said its gross profits hit Dh15 million in January-June 2021 in contrast to Dh1.2 million gross loss in the same period last year while increase in net cash flows from operating activities reached Dh117 million by the end of first half of 2021. It said the company’s total assets stood at Dh863 million.
Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation Holding said the announcement of the financial results comes at a time when the company has embarked on a new phase of growth and recovery.
“Gulf Navigation was able to maintain profitability levels thanks to the actions taken by the Board of Directors and the initiatives adopted at the beginning of this year. These actions included enhancing the cash flows from operating activities, reducing operating costs by 32 per cent and administrative expenses by 54 per cent, and addressing the majority of outstanding operational and financial matters,” he said.
“As we enter the second half of 2021, our main focus will be on chartering ships with trusted clients on a long-term basis and exiting unprofitable business sectors to ensure the continuity of all operations in light of the economic conditions and global challenges facing the shipping sector due to the Covid-19 pandemic. We are also evaluating the opportunities available to us for the purpose of increasing our maritime fleet, and entering into several strategic partnerships regionally and globally, which will provide the company with many diverse opportunities and the ability to grow throughout the region,” Sheikh Theyab added.
It is worth mentioning that, earlier this year, the company has reached agreement with the majority of the lenders on new and flexible terms that will allow the company to adapt to the current market conditions, achieve better growth and support operational and financial performance. The company has also succeeded in collecting the insurance amounts arising from the loss of one of its vessels, which will contribute to enhancing the liquidity of the company and support its operations.
“The prospects for growth remain promising for the maritime sector in the Middle East and the GCC, and we are determined to continue achieving the greatest returns for our partners and our trusted shareholders, with absolute commitment to the quality of our services and in accordance with the highest international standards for security, safety and environmental protection. This commitment will allow us achieve the company’s vision of diversifying its business, expand its assets and provide added value for shareholders.” Sheikh Theyab concluded.
— muzaffarrizvi@khaleejtimes.com
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