GULF NAV-

Gulf Navigation Holding (Gulf Nav)’s bottom line dropped nearly 84% y-o-y to AED 1.1 mn in 3Q 2024 while recording improved revenues, according to an earnings release (pdf). The Dubai-listed maritime firm’s topline increased by 26% y-o-y to AED 23 mn, up from AED 18.2 mn in the same period last year, driven by cost management schemes and improved operational efficiency.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

REMEMBER- GulfNav’s net income was down 11.2% y-o-y to AED 24.7 mn in 1H 2024, while the firm’s revenues fell 42.2% y-o-y to AED 37.5 mn.

The story behind the numbers: The company attributed the rise in revenues to the expansion of vessel chartering initiatives, which was driven by increased demand and heightened operational efficiency. The firm also grew its fleet, which has undergone maintenance and upgrades to extend tankers’ operational life by up to five years.

Making moves: GulfNav received board approval for key terms for its acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy in September.

Tags: