Gulf Navigation Holding (PJSC), listed in the Dubai Financial Market (DFM) under the trading symbol “GULFNAV” has announced its financial results for the first quarter of 2019.
The group recorded losses close to $3 million in Q12019, compared to profits of $1.36 million during the same period last year.
During the quarter GULFNAV achieved 29% growth in operating income an amount of $12.25 million compared to $9.53 million during the same period of 2018.
The company has enhanced its fleet by acquisition of livestock carriers.
A primary reason behind this loss though is the fact that the company’s last petrochemical tanker entered the dry dock for the mandatory special survey work and installation of scrubber in order to meet IMO regulation 2020. Therefore, the vessel lost its rental revenue during this maintenance period.
The company's financial results also showed a slight increase in the cost of financing due to new loans obtained during the second half of the year 2018.
The company at present is working on complete restructuring its capital structure to optimize and achieve the added value to its shareholders.
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The announcement of the financial results comes in-line with Gulf Navigation’s new phase; in which Goldilocks Fund has become a new investor with acquisition of 18.32% from the company’s capital.
Imperatively, Gulf Navigation has announced its new board of directors led by its elected Mr. Saeed Mubarak Al Hajeri.
The new board consists of a highly qualified caliber of maritime experts, which currently prioritizes restructuring Gulf Navigation’s strategic plans in collaboration with the executive management.
GULFNAV aims to expand its services, reinforce the company’s competitive position locally and regionally and build strategic partnerships that guarantee growth and profitability to both shareholders and investors.
Gulf Navigation has a diversified fleet of ships, mainly consisting of six petrochemical tankers.
The company has recently added four livestock transport vessels, which is a considered to be a fundamental diversification plan to its type of shipped commodities.
Despite the high operating costs which Gulf Navigation will see from implementing such a diversification strategy, it will guarantee revenue increase promptly.
The Company will continue to expand and develop its business through a strategic plan that is integrated with the UAE’s vision to establish a national maritime industry cluster that will position the country as one of the world's most significant maritime hubs.