Dubai – Mubasher: Gulf Navigation Holding (GNH) turned to net losses worth AED 23.56 million in the first nine months (9M) of 2024, compared to AED 34.66 million in 9M-23.
The revenues stood at AED 60.44 million in 9M-24, marking an annual decline from AED 83.06 million, according to the interim consolidated financial results.
Basic and diluted loss per share hit AED 0.02 in 9M-24, versus an earnings per share (EPS) of AED 0.03 in 9M-23.
Total assets amounted to AED 995.50 million as of 30 September 2024, down from AED 1 billion at the end of December 2023.
Financial Results for Q3-24
In the third quarter (Q3) of 2024, the DFM-listed company logged net profits valued at AED 1.13 million, lower than AED 6.87 million a year earlier.
Revenues jumped by 26% to AED 22.97 million in Q3-24 from AED 18.18 million in Q3-23, while the EPS plummeted to AED 0.001 from AED 0.006.
Ahmed Kilani, CEO of Gulf Navigation Holding, said: “With our continued focus on operational efficiency, cost management, and fleet optimization, we are confident in our strategy to deliver long-term value to our shareholders. “
“We remain committed to navigating through market challenges and seizing growth opportunities that will further strengthen GULFNAV’s position as a leader in the oil and petrochemical shipping sector,” Kilani added.
He noted: “The focus during the coming period will be on enhancing revenues and improving profit margins by increasing the size of the fleet and managing it more effectively.”
As of 30 June 2024, the group reported net losses worth AED 24.69 million, compared to net profits of AED 27.78 million in the year-ago period.
