DUBAI, 1 November 2007 — The financial results of Gulf Navigation Holding PJSC (GulfNav), the leading shipping and marine services company in the region, has posted an impressive AED68.126 million net profit in the first three quarters of 2007, up 295 percent compared to AED 23.079 million of the same period last year. The net profit separately for the third quarter of the year is AED 20.539 million, which is up 269 percent compared to AED7.636 million of the same period last year. As for the total revenue for the first three quarters of the year, the company put it at AED173.083 million, which is up 159 percent in relation to AED108.816 million, the total revenue for the first three quarters of the year 2006. As for the total revenue for the third quarter alone, it is AED 62.408 million, up 151 percent compared to AED41.416 million, the revenue for the third quarter of last year. The total asset’s value under the company by the end of September 2007 stood at AED2.653 billion, whereas the shareholder’s equity on the same date was AED1.748 billion. Earnings per share as of Sept. 30, 2007 stood at AED0.0412.
ADNEC Posts Strong Revenue
Arab News
ABU DHABI — The Abu Dhabi National Energy Company (ADNEC), a publicly listed company on the Abu Dhabi Securities Market (TAQA), yesterday reported strong financial results for the third quarter of the year ending Sept. 30, 2007. Total revenue reached AED2.45 billion compared with AED874.9 million for the same period in 2006, an increase of 181 percent. Revenue from the electricity and water business grew by 35 percent to AED1.2 billion, from AED874 million for the same period in 2006. This does not include supplemental fuel sales to allow for a like-for-like comparison. Revenue from oil and gas accounted for AED334 million (there is no comparable like-for-like figure in 2006).
DGCX Names New Chairman
Arab News
DUBAI — Dubai Gold and Commodities Exchange (DGCX), the first international commodities derivatives exchange in the Middle East, announced yesterday that Ahmed ibn Sulayem will take over as the new chairman of the exchange with effect from today. The appointment of Ahmed ibn Sulayem will add momentum to the strategic growth plans of DGCX, which has witnessed remarkable growth right from its inception, both in terms of volumes traded as well as total revenue. Ahmed Bin Sulayem is currently executive chairman, Dubai Multi Commodities Centre (DMCC) and director of DGCX. Colin Griffith, currently the chairman of DGCX and executive director, Gold & Precious Metals, DMCC, will continue as a director of DGCX. Ahmed Bin Sulayem has been on the board of DGCX since inception.
MAC Sharaf Offers Services on DIFX
Arab News
DUBAI — MAC Sharaf Securities (UAE) announced yesterday that it now offers its clients trading access to the Dubai International Financial Exchange (DIFX). MAC Sharaf has been operating on the Dubai Financial Market (DFM) since Feb. 28, 2007 and the Abu Dhabi Securities Market (ADSM) since late September 2007. It can now offer its clients access to all three stock markets in the UAE. MAC Sharaf brings a range of products that were previously only accessible to a small number of institutional investors. The DIFX currently lists equities, sukuks, conventional bonds and structured products.