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Gulf Navigation Holding, the Dubai Financial Market listed maritime and shipping company, has reported a net profit of AED 28 Million for the first half of 2023, compared to a net loss of AED 2.5 million for the same period in 2022. Operating profits reached AED 23 million against AED 4.5 million for the same period last year.
Gulf Navigation says it was able to write off all accumulated losses in the second quarter, amounting to AED 679 million. These losses were transformed into retained earnings amounting to AED 6 million by completing a capital reduction process, in addition to taking measures to improve the performance of its vessels, reduce financing costs, and convert a large part of the company’s debts into shares in the capital.
Commenting on the results, Ahmad Kilani, Board Member and Managing Director, said: “The strong results achieved by the company during the second quarter confirm the success of our long-term growth strategy, and the firm confidence of our partners and customers in the measures taken by the Board of Directors and faith in the company’s new business model. The continuous growth in operating revenues reflects the continued demand for our specialised and high-quality maritime fleet. As a result we now enjoy a strong position and a solid foundation to continue benefiting from the remarkable prosperity in the maritime shipping sector, thanks to the increased demand for petrochemical tankers in general and the increase in charter rates.”
The company says the outlook remains positive for the remainder of the year, as it completes the capital increase process, which in turn will contribute to increasing and modernising the company’s fleet of petrochemical tankers and enhancing its ability to own and manage these types of vessels. The company says it also continue to explore opportunities for new alliances and partnerships to support its long-term growth prospects.
