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Dubai-based ship operator Gulf Navigation Holding grew Q3 2023 net profit by 62% year-on-year (YoY) to 6.8 million dirhams ($1.86 million) and said the focus ahead will be on ramping up revenues.
The Dubai Financial Market listed shipping company, which was able to write off all accumulated losses in Q2 this year, said in a statement on Tuesday that operating revenue for the nine-month period fell to AED 83 million from AED 104 million in the year-ago period due to the sale of one of the vessels as well as dry dock operations.
For M9 2023, it made a net profit of AED 35 million compared AED 1.8 million in the year-ago period.
CEO Ahmad Kilani said: "The focus during the coming period will be on enhancing revenues and improving profit margins by increasing the size of the fleet and managing it more effectively.”
(Writing by Brinda Darasha; editing by Seban Scaria)
