{"id":86392,"date":"2025-05-19T00:00:00","date_gmt":"2025-05-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2025\/05\/19\/uaes-gulfnav-and-abu-dhabi-ship-building-report-1q-earnings\/"},"modified":"2025-05-19T00:00:00","modified_gmt":"2025-05-19T00:00:00","slug":"uaes-gulfnav-and-abu-dhabi-ship-building-report-1q-earnings","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2025\/05\/19\/uaes-gulfnav-and-abu-dhabi-ship-building-report-1q-earnings\/","title":{"rendered":"UAE\u2019s GulfNav and Abu Dhabi Ship Building report 1Q earnings"},"content":{"rendered":"

DFM-listed<\/strong> GulfNav <\/strong>trims losses, but remains in red:<\/strong> 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 \u2014 in on our calculations \u2014 compared to AED 11.4 mn in 1Q 2024, according to the firm\u2019s unaudited financials (pdf)<\/a> released on Thursday. The DFM-listed firm\u2019s topline rose 8.3% y-o-y, reaching AED 25.8 mn.<\/p>\n

REFRESHER- <\/strong>GulfNav posted a net loss<\/a> 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.<\/p>\n

\n

ABU DHABI SHIP BUILDING-<\/p>\n

ADSB posts a rough <\/strong>Q:<\/strong> 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)<\/a> and here (pdf)<\/a>. The firm saw its top line slip 8.3% y-o-y \u2014 in on our calculations \u2014 to AED 253.1 mn during the same period, with ongoing work including the Falaj 3 contract to build four new maritime patrol vessels.<\/p>\n

Behind the drop:<\/strong> The decline in the firm\u2019s bottomline is attributable to delays in revenue recognition and accumulated accounts receivables of AED 20 mn \u2014 which should be consolidated in 2Q or 3Q of 2025. <\/p>\n

REMEMBER-<\/strong> ADSB reported a 92% y-o-y increase in net income<\/a> 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.<\/p>\n","protected":false},"excerpt":{"rendered":"

GulfNav trimmed its losses while ADSB posted a decline<\/p>\n","protected":false},"author":1,"featured_media":86393,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[175],"tags":[744,174,234,745,129],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-86392","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-watch","tag-abu-dhabi-ship-building","tag-earnings-watch","tag-gulfnav","tag-maritimeshipping","tag-uae","wpautop","entry"],"acf":{"mongo_id":"3c14d2dc-d29a-41d3-8628-f4b38960c97d","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1446.jpg","photo_position":"above","homepage_title":"","full_issue_title":"UAE\u2019s GulfNav and Abu Dhabi Ship Building report 1Q earnings","related_issue":[86379],"teaser":"GulfNav trimmed its losses while ADSB posted a decline","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.62b43de1-8ff3-4c18-9489-81673982828f.mp3"},"yoast_head":"\nUAE\u2019s GulfNav and Abu Dhabi Ship Building report 1Q earnings - 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