Dubai – Mubasher: Gulf Navigation Holding (GNH) Group said its accumulated losses reached AED 445.195 million in 2019, representing 44% of the company's capital.

The accumulated losses are caused by a decline in the group's chemical tankers fleet revenue, as well as a rise in ship running cost, depreciation expenses, following the acquisition of livestock vessels during the second half of 2018, and net finance cost, according to the company's disclosure to the Dubai Financial Market (DFM) on Thursday.

To address the losses, the company will issue an AED 125 million Islamic nonconvertible Sukuk and get its vessels employed at profitable rates.

It is noteworthy to mention that in 2019, the company's net loss rose to AED 327 million, compared to AED 40 million in the year-ago period.