Gulfnav back on even keel as CEO promises to quadruple profits

14/08/2017 05:35 AST

The CEO of Gulf Navigation (GulfNav) has pledged to quadruple profits over the next four years as the shipping company flagged more improvements.

GulfNav on Sunday reported a 20 percent increase in net profit to 10 million dirhams ($2.7 million) in the second quarter.

It represents a dramatic turnaround for a company that only two years ago was fighting for survival.

The Dubai-listed shipper said its current assets now exceed its current liabilities following a turnaround plan.

"Since we started a new phase to improve our performance and expand our business scope, our strategy focused on three main pillars: expansion, growth and permanence," said CEO Khamis Juma Buamim.

"We have also succeeded in achieving many goals, starting by addressing the outstanding legal, financial and administrative issues, to launching our new brand that reflects the strategy of the company to enhance our position in the market."

GulfNav is emerging from a choppy period of mounting financial losses and legal rows. It was hit by a number of setbacks including the seizure of two of its tankers by creditors in late 2013 following a default on loans.

More recently it has embarked on a turnaround plan and intends to issue $250 million in Islamic bonds.

The company also aims to acquire another 20 ships by the second half of 2020, and said it want to increase profits by 300 percent over the next four years.


Arab News

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