Gulf Navigation has benefitted from strong chemical tanker charter rates
Gulf Navigation Holding has achieved improved financial results over the first nine months of 2022, recording net profits of AED 1.75 million (US$ 480,000) in this period. Operating revenue increased by 16.6%, reaching AED 104 million (US$ 28.3 million), driven by the petrochemical vessel chartering and agency business, compared to AED 89 million (US$24.23 million) for the same period in 2021, while gross profits increased by 5.2% to AED 17 million (US$ 4.63 million).
The company also reduced financing costs by 27% to AED 8.8 million (US$ 2.4 million) compared to AED 12 million (US$ 3.27 million) in the first nine months of last year. According to the company, “The results for the first nine months of 2022 demonstrate a solid operational and financial performance, supported by cost control measures, a strategy of growth and expansion and reducing the cost of debt.”
