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Dubai-listed maritime firm Gulf Navigation Holding (GulfNav) posted a 5.7% y-o-y decline in net income to AED 13.2 mn in 2Q 2024, its financial results (pdf) showed. Its revenues dipped 47.5% y-o-y to AED 13.6 mn during the period.
On a 1H basis: GulfNav’s net income was down 11.2% y-o-y to AED 24.7 mn in 1H 2024, while the firm’s revenues fell 42.2% y-o-y to AED 37.5 mn, the disclosure noted.
A key highlight during the year: GulfNav snapped up Polimar Holding’s 40% stake in its maritime services subsidiary Gulf Navigation Polimar Maritime earlier this year in a USD 1 mn transaction.
