Gulf Navigation Holding has posted a net profit of AED8.8 million ($2.4 million) in the first quarter, Q1, of 2017, an increase of 39 percentGulf Navigation Holding has posted a net profit of AED8.8 million ($2.4 million) in the first quarter, Q1, of 2017, an increase of 39 percent compared to AED6.3 million ($1.7 million) in the same period last year.

The Dubai-based company, listed on the Dubai Financial Market under the ticker 'GULFNAV', said in an announcement today that it has recently unveiled its new branding of its Group of Companies, marking a new phase of its global position and competitiveness. The new branding will contribute to taking the Group to "A Broad Vision to a New Horizon" to become one of the best innovative organisations in the maritime industry.

The company has also succeeded in rescheduling $36 million worth of debts of its vessels, which will enable it to focus on exploring new areas for growth and expansion of its operations in different areas of ship services and repair, specialised maritime transport and shipping.

In a pre-emptive move, the company is currently taking the necessary measures to issue Islamic Sukuk, with a total value of $250 million through a public offering that is repayable at a profit rate of not more than 10 percent.

Saeed Bin Brook Al-Hemeiri, Chairman of Gulf Navigation Holding, said, "The maritime economy is considered as one of the top priorities by our leadership in the UAE and it’s an essential alternative to the economical capabilities for our future generations. Therefore, we came up with our new branding to reflect our long term expansion plans and project development. We consider innovation and excellence as main pillars which diversify our investments in the UAE. We are definite about our resources with massive potential empowered by our deep knowledge in both local and global markets. This will maximise our profits in all our business sectors."

Khamis Juma Buamim, Board Member, Managing Director and Group CEO of Gulf Navigation Holding, said, "Launching our new branding marks a new phase in media communications to rebuild the brand image of the Group as a whole and consolidate its market position as a leading supplier that has national expertise and global competitiveness, enabling us to reach global customers. We have developed a comprehensive strategy with key performance indicators to ensure continuous growth and development, and guarantee greater returns for our partners and shareholders who trust us and believe in the company's overall development to a full range of specialised maritime services."