Dubai – Mubasher: The net profits attributable to the owners of Gulf Navigation Holding (GNH) enlarged to AED 34.66 million in the first nine months (9M) of 2023 from AED 1.93 million in 9M-22.
The DFM-listed firm witnessed an annual drop in revenue to AED 83.06 million during the January-September 2023 period, versus AED 104.09 million, according to the interim financial results.
Basic and diluted earnings per share (EPS) stood at AED 0.036 in 9M-23, higher than AED 0.001 as of 30 September 2022.
Total Assets increased by 27% to AED 999.74 million in 9M-23, compared to AED 784.61 million in 2022.
Financial Statements for Q3-23
In the third quarter (Q3) of 2023, Gulf Navigation generated net profits attributable to the equityjolders valued at AED 6.87 million, up YoY from AED 4.47 million.
Revenues plummeted to AED 18.18 million in Q3-23 from AED 31.47 million in Q3-22, while the basic and diluted EPS went up to AED 0.006 from AED 0.003.
Ahmad Kilani, CEO of Gulf Navigation, said: “This quarter’s results reflect our commitment to continuing to achieve growth and increase profitability by implementing the company’s strategy of improving financial performance and enhancing the efficiency of operations.”
“We are currently focusing on achieving tangible and sustainable returns for our valued shareholders, and we are working hard to ensure the sustainability of the company's success in the coming years,” Kilani added.
In the first half (H1) of 2023, the firm turned profitable at AED 27.78 million, versus net losses attributable to the shareholders worth AED 2.53 million in H1-22.
