GULF NAVIGATION REPORTS A NET PROFIT OF 4.2 MILLION DIRHAMS IN Q3 2022
Dubai, UAE, 03 November 2022: 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 demonstrate a solid operational and financial performance, supported by cost control measures, a strategy of growth and expansion and reducing the cost of debt.
It is worth noting that Gulf Navigation announced last August that it had succeeded in refinancing 5 petrochemical tankers under new and preferential terms for a period of 5 years. The Company has also made great strides in reducing financing costs and converting more than 85 million dirhams of the Company's debts into shares, which led to improving debt conditions, reducing the total cost of borrowing, reducing the percentage of accumulated losses and reducing total liabilities by 16.5% from 457 million dirhams as at December 2021 to less than 382 million dirhams during the first nine months of 2022.
Gulf Navigation Holding PJSC (“GNH”) is a fully integrated and synergized organization with a multifunctional business. It is the only maritime and shipping company listed in the Dubai Financial Market since February 2007 under the symbol “GULFNAV”. The company is headquartered in Dubai, with branch offices inside the port of Fujairah, Khorfakkan, Abu Dhabi and an overseas office in the Kingdom of Saudi Arabia. The company has a fleet of chemical tankers, livestock transport vessels, operation support vessels, marine services, and ship repair operations. As an ISO 9001:2015 certified company accredited by Bureau Veritas, GNH is committed to adhering to the requirements of the international management code for the safe operations of vessels, pollution prevention and environmental control, including compliance with all the applicable international laws, regulations and requirements. GNH constantly works to upgrade its operations and provide high-quality services to local and international markets. This opens new opportunities to improve GHN’s services to existing customers while attracting new customers.
For media inquiries, please contact:
Nader Muqbel
Head of Investor Relations
Tel: +971 56 778 0799
E-mail: investor.relations@gulfnav.com
