Dubai – United Arab Emirates: Gulf Navigation Group Holding PJSC, the maritime transportation and navigation company listed on the Dubai Financial Market under the trading symbol (GULFNAV), announced its financial results for the period ending on September 30, 2023, recording net profits. It amounted to 35 million UAE dirhams during the first nine months of 2023, compared to net profits of 1.8 million UAE dirhams for the same period last year.
The most prominent results were as follows:
Net profits grew by 62% to record 6.8 million dirhams in the third quarter of 2023, compared to 4.2 million dirhams during the same period last year.
The value of operating revenues decreased to 83 million dirhams during the first nine months of 2023, compared to about 104 million dirhams during the same period in 2022, as a result of the sale of one of the ships in addition to maintenance work.
Total profit reached 7.5 million dirhams during the first nine months of 2023, compared to 17 million dirhams during the same period of the previous year.
Retained earnings amounted to 13 million dirhams at the end of September 30, 2023, compared to accumulated losses amounting to about 679 million dirhams at the end of 2022.
Total assets increased by 27% to reach about 1 billion dirhams by the end of the first nine months of 2023, compared to 785 million dirhams by the end of 2022.
Total shareholders’ equity increased by 70% to reach 711 million dirhams as of the end of September 30, 2023, compared to 419 million dirhams compared to the end of 2022. The company also reduced financing costs by 30% from 8.8 million dirhams as of the end of the third quarter of 2022 to reach 6 million. AED in the same period in 2023. The results of the first nine months of 2023 reflect the solidity of operational and financial performance, supported by the expense control measures adopted by the company’s management and the continued focus on the growth strategy and diversifying sources of income, in addition to reducing debt costs.
Commenting on the company’s performance, Ahmed Al Kilani, CEO of Gulf Navigation Holding, praised the company’s results and the progress it has made in confronting the challenges, saying: “This quarter’s results reflect our commitment to continuing to achieve growth and increase profitability by implementing the company’s strategy of improving financial performance and enhancing the efficiency of operations.” “We are currently focusing on achieving tangible and sustainable returns for our valued shareholders, and we are working hard to ensure the sustainability of the company’s success in the coming years.”
It should be noted that Gulf Navigation announced several days ago its success in completing the process of increasing the company’s capital, bringing its new capital to approximately 838 million dirhams. This process was carried out through the issuance of 220 million mandatory sukuks to new investors, which have already been converted into 200 million shares. The new liquidity will contribute to increasing and modernizing the company’s fleet of petrochemical tankers and enhancing the company’s ability to own and manage this type of ships.
Al-Kilani added: “Thank God, we succeeded in successfully completing the capital increase process and transforming the company from loss to profit within three years by completing the capital structuring process, in addition to taking the necessary measures to improve the performance of the ships, reduce financing costs, and convert a large portion of the company’s debts into shares.” In the capital, this is a great achievement that demonstrates the dedication and effort provided by the work team and the executive management under the leadership of the Board of Directors.”
“The company has made great strides to diversify its operations, invested in modern technology, and improved its logistics and operational processes. These strategic initiatives have not only helped the company overcome previous challenges, but also put it on a sustainable growth path in the ever-changing oil and petrochemical shipping sector. The focus during the coming period is on enhancing revenues and improving profit margins by increasing the size of the fleet and managing it more effectively.” Al-Kilani added.
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About Gulf Navigation Holding Company:
Gulf Navigation Holding Company PJSC is an integrated and concerted company carrying out multiple business activities, and it is the only specialized shipping, transportation and maritime company listed on the Dubai Financial Market since February 2007 under the symbol “GULFNAV”. The company’s headquarters are located in Dubai, and it has branches in Fujairah and Khor Fakkan, in addition to an external branch in Saudi Arabia. The company owns a fleet of chemical tankers, livestock vessels, oil well stimulation vessels, operations support vessels, marine services, and ship repair operations. The company is also ISO 9001:2015 certified and certified by Puroferitas. It is committed to complying with the requirements of the International Administration for Ship Safety, Pollution Prevention and Control Operations Act. environmental; The company also constantly works to modernize and develop its operations and provide high-quality services to local and international markets.
2023-10-17 04:18:15
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