Gulf Navigation incurs $6mln losses in 2024
Revenues dropped to AED 88.68 million in 2024 from AED 105.53 million a year earlier, according to the preliminary financial results.
The loss per share hit AED 0.01 last year, compared to an earnings per share (EPS) of AED 0.02 in 2023.
Total assets hit AED 760.95 million as of 31 December 2024, down year-on-year (YoY) from AED 1 billion.
The ADX-listed group attributed the decline in its financial performance to lower revenue, increased costs, and the impact of major dry-docking and maintenance work on two vessels.
In the first nine months (9M) of 2024, Gulf Navigation Holding swung to net losses of AED 23.56 million, versus net profit worth AED 34.66 million in 9M-23.
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