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NAV
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WE GO FURTHER GULF NAVIGATION HOLDING PJSC
Press Release:
Gulf Navigation records 28 million dirhams in Net Profits in H1 2023
and successfully eliminates all accumulated losses
Dubai, UAE, 13 July 2023: Gulf Navigation Holding PJSC (“GULFNAV”) the Dubai Financial
Market listed maritime and shipping company, announced its financial results for the period ended
30 June 2023, reporting a Net Profit of 28 million dirhams, compared to a net loss of 2.5 million
dirhams for the same period in 2022. The Company issued its latest financial reports, which indicate
continued improvement in its operational and financial performance, supported by measures to
enhance growth and control costs.
Major Highlights:
• Operating profits reached 23 million dirhams as of H1 2023, compared to 4.5 million
for the same period last year.
• Gross profits of 11 million dirhams as of 30 June 2023, compared to gross profits of 12
million dirhams for the same period in 2022.
• Operating revenue decreased to 65 million dirhams as of 30 June 2023, compared to 72
million for the same period in 2022 due to selling one of the vessels.
• Retained earnings reached 6 million as of H1 2023, compared to accumulated losses of
679 million dirhams for H1 2022.
• Total assets stood at 759 million dirhams.
• Net profits reached 14 million dirhams in Q2 2023, compared to net losses of 4 million
dirhams in Q2 2022.
GULFNAV was able to write off all accumulated losses in Q2, which amounted to 679 million
dirhams (or the equivalent of 66% of the capital as in the second quarter of 2022). These losses were
rather transformed into retained earnings amounting to 6 million dirhams in the second quarter of this
year by completing the capital reduction process, in addition to taking the necessary measures to
improve the performance of vessels, reduce financing costs, and convert a large part of the Company's
debts into shares in the capital.
Total shareholders’ equity increased by 16% to 487 million dirhams as of 30 June 2023, compared to
419 million dirhams in H1 2022. Operating costs decreased to 54 million dirhams in H1 2023,
compared to 60 million dirhams during the same period in 2022, as a result of selling “Gulf Mishref”
vessel.
www.gulfnay.com T +971 4 4270104, F +971 4 4270103
39th Floor, API Trio Office Tower, Al Barsha 1
PO Box 49651, Dubai, UAECommenting on the results, Ahmad Kilani, Board Member and Managing Director, said: “As the
Company continues to achieve significant revenue growth and enhance efficiency in its operations
and core markets. We renew our confidence that GULFNAV will be able to continuously improve
operational performance and maintain profitability levels. Thanks to the measures taken by the Board
of Directors to improve the financial results, the Company managed to write off all the accumulated
losses for the first time in the history of the Company in more than 10 years.”
It is worth mentioning that GULFNAV had issued its Q1 financial statements without any
qualification or going concern by the external auditor for the first time in several years. The Company
has made great strides in restructuring its debts and obligations, which is a strong indicator of the
solidity of its financial and operational performance and the efficiency of the team and the executive
management.
Kilani added: “The strong results achieved by the Company during the second quarter confirm the
success of our long-term growth strategy, and the firm confidence of our partners and customers in
the measures taken by the Board of Directors and faith in the Company's new business model. The
continuous growth in operating revenues reflects the continued demand for our specialized and high-
quality maritime fleet. Therefore, today we enjoy a strong position and a solid foundation to continue
benefiting from the remarkable prosperity in the maritime shipping sector, thanks to the increased
demand for petrochemical tankers in general and the increase in charter rates.”
“Our outlook remains positive for the remainder of the year, especially as we are in the process of
completing the capital increase process, which in turn will contribute to increasing and modernizing
the Company’s fleet of petrochemical tankers and enhancing the Company’s ability to own and
manage these types of vessels. The Company will also continue to explore opportunities for new
alliances and partnerships to support its long-term growth prospects. We will continue to focus our
efforts on maximizing value for our valued shareholders and all stakeholders involved in our
business.” He concluded.
-Ends-About Gulf Navigation Holding:
Gulf Navigation Holding PJSC (“GNH”) is a fully integrated and synergized organization with a
multifunctional business. It is the only maritime and shipping company listed in the Dubai Financial
Market since February 2007 under the symbol “GULFNAV”. The company is headquartered in
Dubai, with branch offices inside the port of Fujairah, Khorfakkan, Abu Dhabi and an overseas office
in the Kingdom of Saudi Arabia. The company has a fleet of chemical tankers, livestock transport
vessels, operation support vessels, marine services, and ship repair operations. As an ISO 9001:2015
certified company accredited by Bureau Veritas, GNH is committed to adhering to the requirements
of the international management code for the safe operations of vessels, pollution prevention and
environmental control, including compliance with all the applicable international laws, regulations
and requirements. GNH constantly works to upgrade its operations and provide high-quality services
to local and international markets. This opens new opportunities to improve GHN’s services to
existing customers while attracting new customers.
For media inquiries, please contact:
Nader Muqbel
Director of Investor Relations
Tel: +971 56 778 0799
E-mail: investor.relations@gulfnav.com

Sentiment: positive