2023-05-14 12:50:21
Sunday, May 14, 2023 – 4:44 PM
DUBAI, May 14, 2020 (WAM) — Gulf Navigation Holding Group announced an 11% increase in operating revenues by the end of the first three months of 2023, amounting to 39 million dirhams, supported by leasing a fleet of petrochemical tankers and shipping agency services, compared to 35 million dirhams during the previous year. the same period in 2022.
The company recorded a net profit of 13.5 million dirhams in the first quarter, compared to a net profit of 1.8 million dirhams for the same period last year, while operating profits amounted to 5.7 million dirhams, compared to operating profits of regarding 6.9 million dirhams during the same period last year. 784 million dirhams.
The total shareholders’ equity on March 31, 2023 increased to regarding 444 million dirhams, compared to 419 million dirhams, compared to the same period in the previous year. The company also reduced financing costs by 23% from AED 8.7 million as in the first quarter of 2022 to AED 6.6 million for the same period of 2023. The results of the first three months of 2023 reflect the solid operational and financial performance of the company, supported by cost control procedures and continued focus on Growth strategy and reducing debt costs.
Ahmed Al-Kilani, a member of the Board of Directors and Managing Director, said: “The announcement of the financial results comes at a time when the company has begun a new phase of growth and development, as the company was able to maintain levels of profitability thanks to the measures taken by the Board of Directors and the initiatives that were adopted during the last period. And changing the company’s business model, as the company was able to enhance the growth of operating revenues, and address all outstanding financial matters.
He added that the company had recently restructured and settled one of the loans, thus obtaining a 40% discount on the remaining amount of the loan, in addition to our success in selling the Gulf Mushrif ship in early May, and therefore the surplus cash from the sale of the ship and the settlement of all debts will be given An opportunity to take advantage of the new liquidity in obtaining new ships, expanding and increasing the fleet of petrochemical tankers, enhancing the company’s ability to own and manage this type of ships, and expanding the shipping agency unit and the ship management unit. The proceeds from the sale of the ship will also contribute to paying off some of the company’s debts and enhancing liquidity and profitability in the second quarter of this year.”
Al-Kilani concluded by saying: “The growth prospects are still promising for the company, and we are determined to continue the corrective approach so that 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, reducing financing costs for the company and achieving the highest amount of returns.” .
Ahmed Al Botli / Ramy Samih
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