By: AGBI

Dubai-listed Gulf Navigation Holding said revenues more than doubled in the second quarter of 2025 on higher vessel chartering activity, improved fleet utilisation, and continued cost discipline.

The top line increased to AED29 million ($8 million) in the quarter ended June 2025, surging 110 percent, compared with AED14 million a year ago.

The company turned to a net profit of AED7 million, compared with a net loss of AED13 million in the same period last year.

Direct costs declined 19 percent year on year to AED44 million in the second quarter, the company said in a statement.

The first-half revenue surged to AED54 million from AED37 million a year earlier. The bottom line swung to a profit of AED463,000 from a loss of AED25 million.

“Our focus on enhancing fleet efficiency, disciplined financial management, and operational performance is now delivering tangible results,” said CEO Ahmad Kilani.

He expected the acquisition of Borouj Energy’s assets to support future growth.

In March shareholders approved the buying of assets and companies owned by Brooge Energy.

The deal is projected to enhance Gulf Navigation’s revenue and improve earnings before interest tax and depreciation over the next few years, Kilani then said.

The company’s share closed at AED7 on August 13 and has risen 9 percent since the start of the year.

Poseidon Fund CEIC Ltd owns 28.87 percent of the company, according to stock exchange data.