Gulf Navigation posts high 123% profit growth at end of third Quarter of 2015.

UAE, November 1, 2015 - Gulf Navigation Holding PJSC (DFM: GULFNAV), the Dubai-based shipping firm, has actually reported a significant 123 % profit development at the end of the third quarter of 2015 compared to the same period the previous year. The business launched its newest economic declaration among its solid as well as constant economic turnaround and continuous magnified efforts to attend to financial institution worries.

According to GULFNAV's economic report, its net income got to AED 15.676 million (USD 4.283 million) for the nine-month period ending September 30, 2015. This was significantly higher compared with the 2014 revenue of AED 7.030 million (USD 1.92 million) published throughout very same timeframe. From January to September of this year, the firm's complete revenues additionally experienced a significant boost of 11 %, with profits hitting the AED 104.703 million (USD 28.607 million). The profits throughout the exact same duration in 2014 stood at AED 94.306 million (USD 25.767 million).

Hazza Baker Al Qahtani, Founder & Chairman of Gulf Navigation Holding PJSC, said: "By the end of the third quarter of 2015, GULFNAV remained to accomplish a significant profit improvement from 2014. All our operating sectors have considerably contributed to the overall net earnings of the business. Our greater incomes in the past 9 months were also the result of numerous key factors, most notably the healthy and balanced boost in volume of our shipping platforms and also marine product sales and also distribution company, enhancement in vessel place prices, and also decrease in off-hires. We are certain that we will keep this higher trajectory, with the business ending stronger by the end of this year.".