Gulf Navigation sees gross profits increase, net profits drop

Dubai: Gulf Navigation Holding has announced its financial results for 2017, posting a 7 per cent increase in gross profit.

The company saw its gross profit increase to Dh49 million from Dh45.8 million.

According to a statement from Gulf Navigation, the company’s efforts in 2016 to pay and reschedule all its financial debts, and to solve legal issues, through financial allocations, resulted in a drop in net profits from Dh136 million to Dh40.7 million last year.