Dubai-listed maritime and shipping company Gulf Navigation swung to profit in the second quarter of 2021, as costs fell and operational cash flow climbed.
Net profit for the three months to the end of June climbed to Dh125,000 ($34,036), from a loss of Dh33.5 million for the same period last year, it said in a statement on Saturday.
Net profit for the first six months of 2021 also surged to Dh79m, from a net loss of Dh51m recorded a year earlier.
The company's operating profit for the six-month period surged to Dh100m from a loss of Dh27m for the same period in 2020. It operating revenue for the reporting period however, fell 8 per cent to reach Dh62m, while net cash flow reached Dh117m.
Gulf Navigation attributed its return to profitability to “enhancing the cash flows from operating activities, reducing operating costs by 32 per cent ... administrative expenses by 54 per cent, and addressing the majority of outstanding operational and financial matters”, its chairman Sheikh Theyab Al Nahyan said.
Total assets at the end of June 30 stood at Dh863m.
Earlier this year, Gulf Navigation reached an agreement with its lenders on new and flexible terms on its debt, allowing it to adapt to current market conditions.
In April, it restructured its biggest loan of Dh200m with Australis Maritime. The cost of its debt is set to decline 25 per cent, or Dh4m annually, following the arrangement.
The company also paid off its obligations to Abu Dhabi Commercial Bank earlier this year as it sought softer terms with other lenders.
In the second half of the year, the company plans to focus on chartering ships on long-term basis, exiting unprofitable business sectors and ensuring continuity of operations amid continued challenges to the shipping and logistics sector due to the Covid-19 pandemic, Sheikh Theyab said.
“We are also evaluating opportunities available to us for the purpose of increasing our maritime fleet, and entering into several strategic partnerships regionally and globally, which will provide the company with many diverse opportunities and the ability to grow throughout the region,” he added.
Gulf Navigation's fleet of vessels includes petrochemical tankers, livestock transport ships and marine support vessels, which allows it to service different markets.
if you go
The flights
Air France offer flights from Dubai and Abu Dhabi to Cayenne, connecting in Paris from Dh7,300.
The tour
Cox & Kings (coxandkings.com) has a 14-night Hidden Guianas tour of Guyana, Suriname and French Guiana. It includes accommodation, domestic flights, transfers, a local tour manager and guided sightseeing. Contact for price.
Abu Dhabi Equestrian Club race card
5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
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SPECS
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The Bio
Amal likes watching Japanese animation movies and Manga - her favourite is The Ancient Magus Bride
She is the eldest of 11 children, and has four brothers and six sisters.
Her dream is to meet with all of her friends online from around the world who supported her work throughout the years
Her favourite meal is pizza and stuffed vine leaves
She ams to improve her English and learn Japanese, which many animated programmes originate in
Pakistan v New Zealand Test series
Pakistan: Sarfraz (c), Hafeez, Imam, Azhar, Sohail, Shafiq, Azam, Saad, Yasir, Asif, Abbas, Hassan, Afridi, Ashraf, Hamza
New Zealand: Williamson (c), Blundell, Boult, De Grandhomme, Henry, Latham, Nicholls, Ajaz, Raval, Sodhi, Somerville, Southee, Taylor, Wagner
Umpires: Bruce Oxerford (AUS) and Ian Gould (ENG); TV umpire: Paul Reiffel (AUS); Match referee: David Boon (AUS)
Tickets and schedule: Entry is free for all spectators. Gates open at 9am. Play commences at 10am
Global state-owned investor ranking by size
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United States
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China
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UAE
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Japan
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Norway
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Canada
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Singapore
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Australia
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Saudi Arabia
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South Korea
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Temple numbers
Expected completion: 2022
Height: 24 meters
Ground floor banquet hall: 370 square metres to accommodate about 750 people
Ground floor multipurpose hall: 92 square metres for up to 200 people
First floor main Prayer Hall: 465 square metres to hold 1,500 people at a time
First floor terrace areas: 2,30 square metres
Temple will be spread over 6,900 square metres
Structure includes two basements, ground and first floor
UAE currency: the story behind the money in your pockets
