GULFNAV announces net profit of AED35 million for M9 2023

 Gulf Navigation Holding (GULFNAV), the Dubai Financial Market listed maritime and shipping company, announced that it made a net profit of AED35 million for M9 2023, compared to AED1.8 million in the year-ago period.

In its statement today, the Dubai-based company said that operating revenue for the nine-month reached AED83 million.

The statement added that its Q3 2023 net profit grew by 62% year-on-year (YoY) to AED6.8 million ($1.86 million) and said the focus ahead will be on ramping up revenues.

Ahmad Kilani, CEO of GULFNAV, said,

"These results reflect our commitment to continuing to achieve growth and increase profitability by implementing the company's strategy of improving financial performance, enhancing the efficiency of operational operations, and diversifying sources of income.

"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."

News Source: Emirates News Agency