Gulf Navigation, listed on DFM, saw revenues turn in higher, at Dh137.2 million. Image Credit: Supplied

Dubai: The DFM-listed Gulf Navigation still has some way to go before it can reach calmer waters financially, with the 2022 net profit at Dh5.75 million against Dh59.52 million a year ago. Revenues came in higher, at Dh137.2 million, from Dh121.98 million a year ago.

The shipping vessel operator had in the recent past announced that it was working on a possibility of bringing on board a strategic investor as part of a turnaround. In recent years, the company had been hit by Covid-created disruptions, the loss of a vessel, and big dents on its financials.

On DFM, the stock dropped by nearly 1 per cent to Dh0.731 at 1pm.

The management had sought to work things out through a capital restructure and had gradually been pulling Gulf Navigation back to profitability. It had been pinning hopes on new contract wins, and on this, it may have made progress, with gross profit for 2022 at Dh19 million. This was ‘mainly driven by the vessel chartering business’.

On the wide gap between 2022 and ’21 net profit tally, Gulf Navigation said that the 2021 figure featured a one-off, as a result of ‘collecting the insurance amounts of Dh82 million due to the sinking of one of the vessels’.

Total assets as of end 2022 were at Dh785 million, from Dh834 million.