GULFNAV reports a Net Profit of AED 13.5mln in Q1 2023

GULFNAV reports a Net Profit of AED 13.5mln in Q1 2023

Dubai, UAE: Gulf Navigation Holding PJSC (“GULFNAV”) the Dubai Financial Market listed maritime and shipping company, announced its financial results for the period ended March 31, 2023, reporting a Net Profit of 13.5 million dirhams in the 1st quarter compared to a Net Profit of 1.8 million dirhams recorded in the same period last year.

Major Highlights:

- Operating Revenue increased by 11% in Q1 2023 reaching 39 million dirhams, driven by the petrochemical vessel chartering and Agency business, compared to 35 million dirhams for the same period in 2022.

- Gross Profits increased reached 5.7 million dirhams in Q1 2023 compared to 6.9 million dirhams in Q1 2022.

- Total Assets stood at 784 million dirhams.

Total shareholders’ equity increased to 444 million dirhams as of 31 March 2023, compared to 419 million dirhams for the same period in 2022. The company also reduced financing costs by 23% to 6.6 million dirhams in Q1 2023, compared to 8.7 million dirhams in Q1 2022. The results for the first three months of 2023 demonstrate a solid operational and financial performance, supported by cost control measures, a strategy of growth and expansion and reducing the cost of debt.

Commenting on the results, Ahmad Kilani, Board Member and