Dubai – Mubasher: Gulf Navigation Holding (GNH) turned to net losses valued at AED 11.48 million in the first quarter (Q1) of 2024, against net profits worth AED 13.49 million in Q1-23.

Revenues amounted to AED 23.83 million in the first three months (3M) of 2024, an annual drop from AED 38.88 million.

The basic and diluted loss per share hit AED 0.010 in Q1-24, versus earnings per share (EPS) of AED 0.011 in Q1-23.

Total assets declined to AED 999.35 million in Q1-24 from AED 1 billion as of 31 December 2023.

In 2023, the company’s net profits hiked to AED 23.80 million from AED 4.66 million in 2022.