“Gulf Navigation” achieves a quarterly profit of 13.5 million dirhams, 784 million in total assets, and a loan reduction of 40%.

The Gulf Navigation Holding Group achieved a net profit of 13.5 million dirhams in the first quarter of 2023, compared to its profits of 1.8 million dirhams for the same period last year 2022.
Operating revenues increased by 11% 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, and operating profits amounted to 5.7 million dirhams, compared to 6.9 million dirhams. Total assets amounted to 784 million dirhams.
The total shareholders’ equity on March 31, 2023 increased to 444 million dirhams, compared to 419 million dirhams. The company also reduced financing costs by 23% from 8.7 million dirhams to 6.6 million dirhams.

The results of the first three months of 2023 reflect the company’s solid operational and financial performance, supported by cost control measures and continued focus on growth strategy and reducing debt costs.

growth stage
Ahmed Al-Kilani, 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, “It recently restructured and settled one of the loans, thus obtaining a 40% discount on the remaining amount of the loan principal. In addition, we succeeded in selling the Gulf Mishref ship at the beginning of May, and therefore, the surplus cash from the process of selling the ship and settling all debts will give an opportunity to take advantage of the new liquidity in obtaining new ships, expanding and increasing the fleet of petrochemical tankers and strengthening The company’s ability to own and manage this type of ship and expand 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 continued: “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 greatest amount of returns for our partners.” And our shareholders who trust us.”