The UAE Gulf Navigation Holding Company recorded a quarterly loss of 4.2 million dirhams in the second quarter of 2022, reducing its losses by 83%.
According to Arabia Net, the accumulated losses until the end of last June amounted to 671 million dirhams, equivalent to 66% of the capital.
The company attributed the accumulated losses to the decline in revenues as a result of the repercussions of the Corona virus, in addition to the increase in financing costs.
On the other hand, Gulf Navigation announced the completion of the process of refinancing 5 ships designated for transporting petrochemical materials under new conditions.
