DFM-listed GulfNav trims losses, but remains in red: UAE-based shipping firm Gulf Navigation (GulfNav) recorded a net loss of AED 6.9 mn in 1Q 2025, trimming their losses by about 39.5% y-o-y — in on our calculations — compared to AED 11.4 mn in 1Q 2024, according to the firm’s unaudited financials (pdf) released on Thursday. The DFM-listed firm’s topline rose 8.3% y-o-y, reaching AED 25.8 mn.

REFRESHER- GulfNav posted a net loss of AED 20.1 mn for FY 2024 due to a strategic focus on fleet modernization, with revenues also slipping 16% y-o-y to AED 88.7 mn.

ABU DHABI SHIP BUILDING-

ADSB posts a rough Q: Abu Dhabi Ship Building (ADSB) posted a net income of AED 1 mn in 1Q 2025, a 91.8% y-o-y decrease, according to financial statements released last week here (pdf) and here (pdf). The firm saw its top line slip 8.3% y-o-y — in on our calculations — to AED 253.1 mn during the same period, with ongoing work including the Falaj 3 contract to build four new maritime patrol vessels.

Behind the drop: The decline in the firm’s bottomline is attributable to delays in revenue recognition and accumulated accounts receivables of AED 20 mn — which should be consolidated in 2Q or 3Q of 2025.

REMEMBER- ADSB reported a 92% y-o-y increase in net income to AED 77.3 mn in FY 2024. Revenues rose 19% y-o-y to AED 1.5 bn, driven by progress on key contracts, including the Falaj3 contract for four offshore patrol vessels for the UAE Navy and progress on the BR71 MKII corvettes, ADSB-designed patrol boats, and logistical support for the Angolan Navy.

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