Dubai – Mubasher: Gulf Navigation Holding aims at doubling its annual profits by 300% until 2021, CEO Khamis Juma Buamim said.
The Group will follow a strategic plan that will help to diversify income sources over the coming ten years after financial, management, and legal problems have been resolved, Buamim highlighted.
The board of directors will be meeting on Wednesday, 25 October to discuss the financial results for the third quarter ended 30 September 2017.
The Emirati firm had previously reported a 27.1% year-on-year surge in profits for the second quarter of 2017 to AED 10.19 million from AED 8.02 million in Q2-16.
This plan will help the maritime and shipping company to expand in the MENA region and other regions across the world, Buamim indicated.
The company listed on the Dubai Financial Market (DFM) is on track to complete the required regulations to issue Islamic sukuk, he added.
These sukuk will help the group in funding its expansion plans, acquiring local and foreign firms, and purchasing working assets, he mentioned.
The CEO had previously announced that the group assigned First Abu Dhabi Bank to manage the offering of sukuk in December.
Buamim had previously noted that the value of Gulf Navigation’s assets amounts approximately AED 600 million and it will be boosted over the coming period after issuing the sukuk.
