Gulf Navigation Holding, a leading maritime and shipping services firm, said it has posted a record net profit of Dh148.22 million ($40.3 million) for the year ended December 31, 2008, up 27.7 per cent when compared to Dh116 million ($31.5 million) in 2007.

Announcing the results following a meeting of the board of directors at the company’s HQ, Gulf Navigation Holding chairman Abdullah Al Shuraim said the company’s revenues rose to Dh395.95 million showing a rise of 45 per cent over that of 2007.

According to him, the company’s total assets rose to Dh3.04 billion registering a 13 per cent jump when compared to the previous year.

Al Shuraim said the board had approved the annual budget for 2009 and proposed cash dividend of 8 per cent of the share capital equivalent to 8 fils per share for the fiscal year ended on December 31, 2008.

He pointed out that Gulf Navigation had already distributed cash dividend of 5 per cent of its share capital equivalent to 5 fils per share for the first half of 2008.

'The second half’s amount of three per cent will be distributed later. This is subject to the approval at the upcoming general and extraordinary annual meetings to be held on March 5,' he added.

Al Shuraim said 2008 had 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,' he remarked.

'Our performance reflects the success of our strategy of innovation in providing high quality and sophisticated services to clients in addition to constant and cautious monitoring to the market updates and tackling with its variable circumstances during the world financial unrest,' he added.

Al Shuraim said, 'We commenced the 2009 as the new chemical tanker “Gulf Deffi” jointed our fleet on January 5. The vessel after delivery was handed over to International Shipping Company, a subsidiary of The Saudi Basic Industries Corporation (Sabic) on a fifteen year time charter. We also expect more three tankers to join our fleet this year.'

Per Wistoft, the new chief executive officer commented, 'Our committed employees were able to meet client requirements and implement our strategy during 2008.'

'We utilised our assets to the utmost through well placed and long-term charters which have been contracted with excellent chartering hires before the current slump in some of the shipping sectors caused by the international downturn.'

'Going forward, we anticipate a series of operation and management initiatives that will add shareholder value in 2009,' he pointed out.

He went on to say '2009 will however be a very challenging year. The situation for the industry as a whole is not encouraging, but the crude and chemical sector still the healthiest amid other shipping sectors.'

'The current global economic climate creates an environment where all stakeholders will have to rethink their strategies and many will struggle. However this may also create opportunities to which we feel we are well positioned to benefit from,' he added.-TradeArabia News Service