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Dubai-based ship operator Gulf Navigation Holding pivoted to a net profit of 14 million dirhams ($3.8 million) in Q2 2023 from a net loss of AED 4 million in the year-ago period and said the outlook for the remainder of the year looked positive.
The Dubai Financial Market listed shipping company was able to write off all accumulated losses in Q2 amounting to AED 679 million (or the equivalent of 66% of the capital as in Q2 2022), it said in a statement on Thursday.
For H1 2023, it made a net profit of AED 28 million compared with a loss of AED 2.5 million in the year-ago period.
Ahmad Kilani, Board Member and Managing Director, said the outlook remains positive for the remainder of the year as the company was near completing a capital increase process which would allow it to expand and modernise its fleet.
(Writing by Brinda Darasha; editing by Seban Scaria)
