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Tue 13 Feb 2007 11:27 AM

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First regional shipping firm lists on stock exchange

Gulf Navigation Holding has begun trading shares on the Dubai Financial Market.

The Dubai Financial Market (DFM) has announced the listing of regional shipping firm Gulf Navigation Holding PJSC. The Dubai based firm deals primarily in the chartering and operating of crude oil, oil products and liquid chemical tankers and owns a fleet of product carriers and service vessels. Company shares began trading on February 7, 2007 under the trading symbol "GulfNav" that will appear on the DFM screens, trading systems and publications. GulfNav is the 48
th

company to list its shares on the DFM and the third within the Transportation sector, joining logistics providers Aramex and Agility.

"We are glad that our 46,000-strong family of GCC shareholders will now be able to trade their shares on the DFM, one of the region's leading stock exchanges," said Abdullah Abdulrahman Al Shuraim, chairman of Gulf Navigation Holding. "With strong fundamentals and aggressive expansion plans that will enhance shareholder value year-on-year, the Board aims to make our company shares a must-have for the investor community. Gulf Navigation Holding PJSC is now ideally placed to move into the next phase to realise its global ambitions," he added.

According to the interim financial results of Gulf Navigation Holding PJSC for the year 2006, the company has demonstrated encouraging growth in the lead up to the IPO. Total assets of the company increased to AED2.27 billion, which includes outright ownership of six double hull tankers capable of carrying product, oil, bulk, and containers, with more vessels on order for delivery this year. Operating revenue increased to AED163.6 million compared to AED101.3 million for the year 2005 and net profit increased 47% to AED52.57 million from AED35.78 million for 2005. A disappointing first week however saw the share price fall by 1.57%.