A cautious strategy for navigating the current global financial downturn, and reliance on long-term charters have resulted in Gulf Navigation posting record profit growth for 2008. The company announced a net profit of Dh148.22 million last year, up nearly 23 per cent from 2007. Revenues were up 45 per cent year on year at Dh395.95 million in 2008. "2008 has been a remarkable year for Gulf Navigation. We were able to deliver a robust performance, concrete financial results and remarkable growth across all business areas," said EGR Abdullah Al Shuraim, chairman.
Gulf Navigation's board has also approved the annual budget for 2009 and proposed cash dividend of eight per cent of the share capital equivalent to Dh0.08 per share for last year.
Dubai-based Gulf Navigation and its group companies own and operate crude, clean petroleum product, and chemical tankers.
The announcement of sound profit growth for a Dubai Financial Market-listed company allowed Gulf Navigation shares to jump nearly six per cent by close of trading yesterday, with market observers welcoming some good news from the markets. "Gulf Navigation outperformed today after announcing a better than expected dividend of eight fils. This equates to a 14 per cent yield," said Mathew Wakeman, managing director, cash and equity linked trading, EFG Hermes.
The shipping and maritime sector has however not been spared the consequences of the marked slowdown in the world's economy, and the outlook for the industry overall in 2009 is generally bleak. Gulf Navigation has already appointed a new Chief Executive Officer, Per Wistoft Kristiansen, to keep the company growing. He took up his role on Sunday.
Gulf Navigation's board has also approved the annual budget for 2009 and proposed cash dividend of eight per cent of the share capital equivalent to Dh0.08 per share for last year.
Dubai-based Gulf Navigation and its group companies own and operate crude, clean petroleum product, and chemical tankers.
The announcement of sound profit growth for a Dubai Financial Market-listed company allowed Gulf Navigation shares to jump nearly six per cent by close of trading yesterday, with market observers welcoming some good news from the markets. "Gulf Navigation outperformed today after announcing a better than expected dividend of eight fils. This equates to a 14 per cent yield," said Mathew Wakeman, managing director, cash and equity linked trading, EFG Hermes.
The shipping and maritime sector has however not been spared the consequences of the marked slowdown in the world's economy, and the outlook for the industry overall in 2009 is generally bleak. Gulf Navigation has already appointed a new Chief Executive Officer, Per Wistoft Kristiansen, to keep the company growing. He took up his role on Sunday.