Gulf Navigation reports a Net Profit of 4.2mln dirhams in Q3 2022

Gulf Navigation reports a Net Profit of 4.2mln dirhams in Q3 2022

Dubai, UAE: Gulf Navigation Holding PJSC (“GULFNAV”) the Dubai Financial Market listed maritime and shipping company, announced its financial results for the period ended September 30, 2022, reporting a Net Profit of 4.2 million dirhams in the 3rd quarter compared to a Net Profit of 5.8 million dirhams recorded in the same period last year.

Major Highlights:

- Net Profit of 1.75 million dirhams in the first 9 months (“9M”) of 2022.

- Operating Revenue increased by 16.6% in 9M 2022 reaching 104 million dirhams, driven by the petrochemical vessel chartering and Agency business, compared to 89 million dirhams for the same period in 2021.

- Gross Profits increased by 5.2% to 17 million dirhams in 9M 2022 compared to the same period in 2021.

- Total Assets stood at 814 million dirhams

- 30% reduction in General & Admin costs in 9M 2022, compared to the same period in 2021.

Total shareholders’ equity increased to 432 million dirhams as of 30 Sep 2022, compared to 377 million dirhams for the same period in 2021. The company also reduced financing costs by 27% to 8.8 million dirhams in 9M 2022, compared to 12 million dirhams in 9M 2021. The results for the first nine months of 2022