Dubai-Mubasher: Gulf Navigation Holding achieved a 28.6% increase in profits for the first quarter as compared to the same period in 2015, the company said in a bourse statement issued Wednesday.
Net profits grew to AED 6.34 million ($1.7 million) in Q1-16 as compared to AED 4.93 million ($1.3 million) in Q1-15.
Operating revenues grew 11% to AED 38.3 million ($10.43 million) in Q1-16, up from AED 34.5 million ($9.39 million) in Q1-15.
Gulf Navigation’s earnings from joint projects rose to AED 2.79 million ($759,607) in Q1-16, compared to AED 635,000 ($172,885) in Q1-15.
The company’s stock reached AED 1.08 at 10:30 am UAE time on Wednesday, as nearly 349,520 shares were exchanged with a value of about AED 374,690.
