Gulf Navigation said profit last year declined by 82 per cent to Dh26.6 million (US$7.2m).
But the company said that the results were positive considering the heavy shocks that the shipping industry suffered because of the economic downturn.
"Although 2009 was a very challenging year for the marine industry, Gulf Navigation's performance was remarkable," Abdullah al Shuraim, the chairman, said yesterday. "We generated profits, positive cash flow and operated our vessels to the satisfaction of our clients."
The company, which owns and operates 15 chemical and oil tankers, said revenue fell to Dh338.2m last year from Dh395.9m in 2008.
Gulf Navigation was forced to put some of its vessels on the spot market after a charterer broke a long-term contract, it announced in November.
Gulf Navigation filed a $52m legal case seeking damages. The company, which is listed on the Dubai Financial Market General Index, was one of many shipping firms dragged down last year as the economic downturn caused a sharp decline in global trade.
Shipping rates have begun to climb slowly after the bottom fell out of the market a year ago, with chartering rates for dry bulk carriers down as much as 90 per cent from record highs and container shipping down by as much as 60 per cent.
With the shipping boom over after a five-year surge, Mr al Shuraim said tanker prices were more realistic, opening up opportunities to purchase vessels at a lower cost.
"Combined with our strong cash position, we will be able to expand our fleet to meet the tremendous growth of Gulf chemical and oil production in the beginning of 2012," he said. Last month, Gulf Navigation said it was interested in buying back 10 per cent of its shares by this summer and could acquire an additional eight vessels as part of its growth strategy to ride an expected upturn in demand in 2012.
The company also announced last month it carried 4.5 million tonnes of cargo last year: 1.9 million tonnes of crude oil, 1 million tonnes of petrochemicals and 1.6 million tonnes of dry cargo.
@Email:igale@thenational.ae
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Killing of Qassem Suleimani
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Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
UAE currency: the story behind the money in your pockets
More from UAE Human Development Report:
THE SIXTH SENSE
Starring: Bruce Willis, Toni Collette, Hayley Joel Osment
Director: M. Night Shyamalan
Rating: 5/5
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How to avoid crypto fraud
- Use unique usernames and passwords while enabling multi-factor authentication.
- Use an offline private key, a physical device that requires manual activation, whenever you access your wallet.
- Avoid suspicious social media ads promoting fraudulent schemes.
- Only invest in crypto projects that you fully understand.
- Critically assess whether a project’s promises or returns seem too good to be true.
- Only use reputable platforms that have a track record of strong regulatory compliance.
- Store funds in hardware wallets as opposed to online exchanges.
Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press
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Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Specs%20
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The specs
Engine: 2.0-litre 4-cylturbo
Transmission: seven-speed DSG automatic
Power: 242bhp
Torque: 370Nm
Price: Dh136,814
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Company%20Profile
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.