79 million half profits for "Gulf Navigation" | News in Logistics

79 million half profits for "Gulf Navigation"

Gulf Navigation Holding Group announced a net profit of 79 million dirhams during the first half of this year, compared to a net loss of 51 million dirhams for the same period last year. costs, which the company pursues.

Sheikh Theyab bin Tahnoun bin Mohammed Al Nahyan

The value of operating revenues amounted to 62 million dirhams at the end of the first half of 2021, compared to 68 million dirhams, during the same period in 2020, and the cash flows resulting from operations increased to 117 million dirhams in the first half of 2021, and total assets amounted to 863 million dirhams.

Sheikh Theyab bin Tahnoun bin Mohammed Al Nahyan, Chairman of the Board of Directors of Gulf Navigation Holding, said: The announcement of the financial results comes at a time when the company began a new phase of growth and recovery, as the company was able to maintain profitability levels, thanks to the measures taken by The Board of Directors accepted the initiatives that were adopted at the beginning of this year, as the company was able to enhance the growth of cash flows resulting from operations, reduce operating expenses by 32% and administrative expenses by 54%, and address all outstanding operational and financial matters.

He added: As we enter the second half of 2021, our focus is on chartering ships with trusted customers on a long-term basis, and exiting unprofitable business sectors, to ensure the continuity of all operations in light of the economic conditions and global challenges Facing the maritime transport sector due to the pandemic. "Corona", and we continue to evaluate the opportunities available to increase our marine fleet and enter into several strategic partnerships regionally and globally, which will give the company many diverse opportunities and the ability to grow regionally.

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