2023-07-14 07:17:25
Gulf Navigation
Gulf Navigation Holding Group achieved a net profit of regarding 28 million dirhams at the end of the first half of 2023, compared to a net loss of 2.5 million dirhams for the same period last year.
The company issued its latest financial reports, which indicate continued improvement in its operational and financial performance, supported by measures to enhance growth and control costs.
The following are the most prominent financial results of the company:
Operating profits amounted to 22.7 million dirhams at the end of the first half of 2023, compared to operating profits of 4.5 million dirhams during the same period last year. Total profit amounted to 11 million dirhams, compared to a total profit of 12 million dirhams during the same period in 2022. The value of operating income decreased to 65 million dirhams at the end of the first half of 2023, compared to regarding 72 million dirhams during the same period in 2022; As a result of selling a ship. Retained earnings amounted to 6 million dirhams at the end of the first half of 2023, compared to accumulated losses of regarding 679 million dirhams for the same period of 2022. Total assets amounted to 759 million dirhams. Net profits amounted to 14 million dirhams at the end of the second quarter of 2023, compared to net losses of 4 million dirhams during the same period of 2022.
During the second quarter of this year, Gulf Navigation was able to write off all accumulated losses, which amounted to 679 million dirhams (or the equivalent of 66 percent of the capital as in the second quarter of 2022). Rather, these losses turned into retained earnings amounting to 6. Millions of dirhams in the second quarter, by completing the capital reduction process, in addition to taking the necessary measures to improve the performance of ships, reduce financing costs, and convert a large part of the company’s debts into shares in the capital.
Total shareholders’ equity on June 30, 2023 increased by 16 percent to 487 million dirhams, compared to 419 million dirhams during the same period in 2022.
Operating expenses decreased to 54 million dirhams during the first six months of 2023, compared to 60 million dirhams during the same period last year, as a result of the sale of the Gulf Mushrif ship.
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