UAE: GNH’s profits shrink in 2022 unaudited results

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Gulf Navigation Holding (GNH) witnessed a drop in net profit to AED 5.75 million in 2022, compared to AED 59.52 million in 2021.

Gross revenues shrank to AED 137.22 million in 2022 from AED 121.98 million in the January-December 2021 period, according to the preliminary income statements.

The earnings per share (EPS) settled at AED 0.004 last year, versus AED 0.060 in 2021.

Meanwhile, the total assets reached AED 784.52 million as of 31 December 2022, lower than AED 834.43 million a year earlier.

In a separate bourse filing, the board of GNH recommended a 50% capital reduction in order to offset the company’s accumulated losses.

Furthermore, the board suggested to increase the UAE-based firm’s capital by AED 220 million, which is still subject to the approval of the Securities and Commodities Authority (SCA).

In the first nine months (9M) of 2022, the net profits attributable to the owners of GNH plummeted to AED 1.93 million from AED 66.33 million during the same period in 2021.