Dubai – Mubasher: Gulf Navigation Holding (GNH) has acquired 40% of the Turkish Polimar Holding Company's stake in Gulf Navigation Polimar Maritime.
Through the transaction, the DFM-listed company increased to stake from 60% to 100%, according to a press release.
In line with the company’s expansion strategy, the acquisition aims to boost revenues by expanding the scope of its business during the coming years and providing a portfolio of integrated logistics solutions.
Established in 2017, Gulf Navigation Polimar Maritime is headquartered in Dubai with offices in Khorfakan and Fujairah.
Over the past six years, the firm managed to widen its scope of business to be able to serve its customers' ships in key commercial ports, including ports in the UAE.
In the first nine months (9M) of 2023, Gulf Navigation Holding posted net profits attributable to the owners valued at AED 34.66 million, compared to AED 1.93 million in 9M-22.
Revenues plummeted to AED 83.06 million as of 30 September 2023 from AED 104.09 million, while the basic and diluted earnings per share (EPS) grew to AED 0.036 from AED 0.001.
