Dubai-listed maritime logistics company Gulf Navigation Holding (Gulfnav) saw its bottomline rise 62% y-o-y to AED 6.8 mn (USD 1.86 mn) in 3Q 2023, according to its latest earnings release (pdf). Meanwhile, its topline fell 42.7% to AED 18.2 mn during the quarter, according to its financials (pdf). This came as the company worked on cost control measures, and a growth strategy that includes diversifying sources of income and reducing costs of debt, according to the earnings release.

On a 9M basis: The company also reported a net income of AED 35 mn in the first nine months of 2023, almost 20-fold last year’s AED 1.8 mn bottomline for the same period.

ICYMI- Gulfnav boosted its capital by AED 200 mn a few days ago through the issuance of 220 mn mandatory sukuk to new investors which have been converted to 200 mn new shares, according to a Dubai Financial Markets (DFM) disclosure (pdf). The capital increase raised its capital to AED 837.69 mn, according to the disclosure. The newly raised funds will go towards enlarging and modernizing the company’s fleet of petrochemical tankers and bolstering its capabilities to operate such vessels, the company said.

Looking ahead: “The focus during the coming period will be on enhancing revenues and improving [net income] margins by increasing the size of the fleet and managing it more effectively,” Gulfnav CEO Ahmad Kilani said.

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