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GNH unveils hike in Q1-23 profits, capital reduction by 50%

GNH unveils hike in Q1-23 profits, capital reduction by 50%
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Gulf Navigation
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Dubai – Mubasher: The net profits of Gulf Navigation Holding (GNH) reached AED 13.49 million in the first quarter (Q1) of 2023, an annual leap from AED 1.82 million.

Basic and diluted earnings per share (EPS) attributable to the owners went up to AED 0.011 during Q1-23 from AED 0.002 in Q1-22, according to the interim consolidated financial results.

The revenues amounted to AED 38.88 million during the first three months (3M) of 2023, compared to AED 35.06 million in the year-ago period.

Capital Cut

In a bourse disclosure, the DFM-listed firm announced concluding the needed measures to reduce its capital by 50% to AED 637.69 million from AED 1.27 billion.

The dates of activation and the start of trading after the reduction process will be 19 and 22 May 2023, respectively.

Ahmad Kilani, Managing Director of GHN, commented: “The announcement of the financial results comes at a time when the company has embarked on a new phase of growth and development.”

“I would also like to note that the company has recently restructured and settled one of its loans, thus obtaining a 40% haircut on the remaining amount,” Kilani added.

The Managing Director also highlighted their success in selling the Gulf Mishref vessel in early May.

He noted: “The surplus from the proceeds of selling the ship and settling all debts will give us the opportunity to benefit from the new liquidity in obtaining new vessels, expanding and increasing our fleet of petrochemical tankers, enhancing the company’s ability to own and manage these types of vessels and expanding the Agency Services and Ship Management units.”

During the 12-month period that ended on 31 December 2022, the company’s net profits plunged to AED 5.75 million from AED 59.52 million in 2021.