Operating revenue of AED 130mn in the first nine months of 2019
Gulf Navigation Holding the Dubai Financial Market-listed maritime and shipping company, has announced a 19% operating revenue growth by end of Q3-2019, compared to the same period last year.
The company recorded an operating revenue of AED 130mn compared to AED 109mn in the same period of 2018. The company reported a net loss of AED 18mn in Q3 of 2019, bringing total losses in the first nine months of 2019 to AED 46mn. The decline in the company’s financial performance is due to the high operating costs of vessels coupled with lower asset utilization in the quarter.
Gulf Navigation has adapted well to the economic challenges in the first nine months of 2019. The Company has successfully completed the 10-year special survey and ballast water treatment installation program on its four vessels that are chartered to SABIC.
After a period of underutilization, the company has now managed to secure spot and long-term charters for all nine vessels. On the cost structure front, the company has restructured its operations and reorganized its subsidiaries to ensure continuity of its operations and enhanced its productivity at the lowest possible costs for the near future.
“We continue to work on opportunities to drive positive changes through operational and administrative reorganization. We continue to resolve legacy issues and I am confident of achieving operational and financial excellence in the near future,” commented Saeed Mubarak Al Hajeri, Chairman, Gulf Navigation Board.
