Dubai’s Gulf Navigation turns profitable with Dh28 million net profit in H1-23

Dubai’s Gulf Navigation turns profitable with Dh28 million net profit in H1-23

Dubai: Dubai-based shipping company Gulf Navigation Holding announced a significant turnaround in its financial performance for the first-half of 2023. The company reported a net profit of Dh28 million in first-half of 2023, compared to a net loss of Dh2.5 million for the same period in 2022. Gulf Navigation attributed this positive outcome to its continued efforts to enhance growth, exercise cost control measures, and improve operational efficiency, as stated in its financial reports. Operating profits for the company soared to Dh23 million, a substantial increase from the previous year’s figure of Dh4.5 million. Gulf Navigation also recorded gross profits of Dh11 million, while its total assets stood at Dh759 million. The company’s retained earnings reached Dh6 million in the first-half of 2023, in sharp contrast to the accumulated losses of Dh679 million during the same period in 2022. Furthermore, Gulf Navigation achieved net profits of Dh14 million in Q2-2023, compared to net losses of Dh4 million in the corresponding period last year. The shipping vessel operator successfully eliminated all accumulated losses in Q2-2023, totaling Dh679 million, which accounted for approximately 66 per cent of the company’s capital in the second quarter of 2022. Through a capital reduction process, the