Gulf Navigation Holding PJSC one of the leading non-state ship owning and maritime services company in the region has announced today its consolidated financial results for the first 3 months of 2011.
During the quarter the Company registered a net profit of AED 0.22M compared to AED 3.07M for the same period of 2010. Net Operating Revenue accounted for AED 68.69M compared to AED 67.17M for the fourth quarter of 2010 and AED 80.18M for the same period in 2010. Operating profit before depreciation, finance costs and non operating items was AED 9.89M for the fourth quarter of 2010 and it accounted for AED 25.53M in the 1st quarter of 2011 as against AED 35.80M for the same period last year. The Company's total assets as of 31st March 2011 stood at AED 2.691 Billion compared to AED2.410 Billion at 31st December 2010.
During the 1st quarter of 2011, Gulf Navigation Holding started executing its 5 year plan by purchasing and chartering "Gulf Eyadah", a 300,000 dwt Very Large Crude Carrier, and building 2 new 320,000 dwt VLCC carriers. The ships will join the fleet in 2012 and 2013 and will be immediately delivered for 10-year charter agreements worth approximately AED 1.05 Billion (US$ 284.7 million).
Gulf Navigation's 5-year strategic plan 2015 also calls for expansion of the VLCC fleet to 9 vessels (18 million barrels), the chemical fleet to 12 ships, and development of Aframax and offshore fleets.
The Company is also forming subsidiaries for consequential listing in international stock exchanges, in order to provide added share value to its shareholders. Gulf Navigation began the process last month in Riyadh, where it appointed Deutsche Securities and King & Spalding to establish a specialized VLCC joint venture with Gulf partners.
Commenting on the results, Engineer Abdullah Al Shuraim, Chairman of Gulf Navigation described the First Quarter of 2011 as "challenging, yet satisfactory". "We consider the 1st Quarter part of a revitalization process we started this year to make the Company more dynamic and opportunistic to achieve higher profitability and better shareholder value," he said. He continued "The process started with Probo ships' impairment, acquiring of 3 VLCCs as part of a new Saudi VLCC company, and re-alignment of the organization. We have more milestones to cross, however. These include new and expanded fleets and international market listings. On behalf of the Board of Directors, I can commit that Gulf Navigation will be stronger and truly global player once the process is done."
During the quarter the Company registered a net profit of AED 0.22M compared to AED 3.07M for the same period of 2010. Net Operating Revenue accounted for AED 68.69M compared to AED 67.17M for the fourth quarter of 2010 and AED 80.18M for the same period in 2010. Operating profit before depreciation, finance costs and non operating items was AED 9.89M for the fourth quarter of 2010 and it accounted for AED 25.53M in the 1st quarter of 2011 as against AED 35.80M for the same period last year. The Company's total assets as of 31st March 2011 stood at AED 2.691 Billion compared to AED2.410 Billion at 31st December 2010.
During the 1st quarter of 2011, Gulf Navigation Holding started executing its 5 year plan by purchasing and chartering "Gulf Eyadah", a 300,000 dwt Very Large Crude Carrier, and building 2 new 320,000 dwt VLCC carriers. The ships will join the fleet in 2012 and 2013 and will be immediately delivered for 10-year charter agreements worth approximately AED 1.05 Billion (US$ 284.7 million).
Gulf Navigation's 5-year strategic plan 2015 also calls for expansion of the VLCC fleet to 9 vessels (18 million barrels), the chemical fleet to 12 ships, and development of Aframax and offshore fleets.
The Company is also forming subsidiaries for consequential listing in international stock exchanges, in order to provide added share value to its shareholders. Gulf Navigation began the process last month in Riyadh, where it appointed Deutsche Securities and King & Spalding to establish a specialized VLCC joint venture with Gulf partners.
Commenting on the results, Engineer Abdullah Al Shuraim, Chairman of Gulf Navigation described the First Quarter of 2011 as "challenging, yet satisfactory". "We consider the 1st Quarter part of a revitalization process we started this year to make the Company more dynamic and opportunistic to achieve higher profitability and better shareholder value," he said. He continued "The process started with Probo ships' impairment, acquiring of 3 VLCCs as part of a new Saudi VLCC company, and re-alignment of the organization. We have more milestones to cross, however. These include new and expanded fleets and international market listings. On behalf of the Board of Directors, I can commit that Gulf Navigation will be stronger and truly global player once the process is done."