Dubai –  Gulf Navigation Holding (GNH) turned to net profits attributable to the owners amounting to AED 27.78 million in the first half (H1) of 2023, against net losses worth AED 2.53 million in H1-22.

The revenues hit AED 64.87 million in H1-23, down year-on-year (YoY) from AED 72.34 million, according to the financial results.

Basic and diluted earnings per share (EPS) reached AED 0.025 during the first six months (6M) of 2023, compared with a loss per share of AED 0.002 in the year-ago period.

Income Statements for Q2-23

The company also shifted to net profits attributable to the shareholders at AED 14.02 million during the second quarter (Q2) of 2023, versus net losses of AED 4.18 million in Q2-22.

Revenues declined to AED 25.89 million in Q2-23 from AED 37.27 million in Q2-22.

Accumulated Losses

The DFM-listed firm managed to write off all the accumulated losses for the first time in its history in more than 10 years.

GNH absorbed AED 679 million in accumulated losses, which accounted for 66% of its capital, as of 30 June 2023. These losses were rather transformed into retained earnings amounting to AED 6 million after completing the capital reduction process.

Ahmad Kilani, Managing Director of GNH, highlighted: “The continuous growth in operating revenues reflects the continued demand for our specialized and high-quality maritime fleet.”

“Therefore, today we enjoy a strong position and a solid foundation to continue benefiting from the remarkable prosperity in the maritime shipping sector, thanks to the increased demand for petrochemical tankers in general and the increase in charter rates,” Kilani added.

He mentioned: “Our outlook remains positive for the remainder of the year, especially as we are in the process of completing the capital increase process, which in turn will contribute to increasing and modernising the company’s fleet of petrochemical tankers and enhancing its ability to own and manage these types of vessels.”

“The company will also continue to explore opportunities for new alliances and partnerships to support its long-term growth prospects. We will continue to focus our efforts on maximising value for our valued shareholders and all stakeholders involved in our business,” the Managing Director concluded.

In the January-March 2023 period, GNH generated AED 13.49 million in net profit, higher YoY than AED 1.82 million.

Source:Mubasher

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