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The Emirati Gulf Navigation Company, listed on the Dubai Financial Market, recorded a net profit of about 80 million dirhams in the first quarter of this year, compared to losses of about 18 million dirhams in the corresponding period of 2020.
The company’s shift in profitability is attributed to achieving income from insurance claims of about 83 million dirhams, in addition to the increase in the profit margin to 19% in the first quarter of 2021, compared to a negative rate of about 8% in the corresponding period of the previous year.
“Gulf Navigation” stated in its press release that despite the difficult economic conditions during this period, it was able to enhance cash flows from its operations and reduce operating expenses by 30%, in addition to repaying the entire loan of Abu Dhabi Commercial Bank of 46 million dirhams.
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