DFM:GULFNAV Income Statement

Financials in millions AED. Fiscal year is January - December.

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	109.89	88.69	105.53	137.23	119.35	142.64
Revenue Growth (YoY)	32.53%	-15.96%	-23.10%	14.98%	-16.33%	-14.21%
Cost of Revenue	85.9	97.84	95.92	116.75	98.02	143.16
Gross Profit	23.99	-9.15	9.61	20.48	21.32	-0.52
Selling, General & Admin	25.6	22.02	25.27	12.89	13.89	16.19
Other Operating Expenses	-	-	-	-	0.71	-0.19
Operating Expenses	25.34	22.04	26.56	13.48	17.8	17.43
Operating Income	-1.35	-31.18	-16.95	7	3.52	-17.95
Interest Expense	-11.66	-20.2	-21.91	-32.45	-40.05	-44.76
Interest & Investment Income	2.87	7.47	2.67	-	-	-
Currency Exchange Gain (Loss)	-0.34	-0.34	-0.17	0.06	-0.07	-0.33
Other Non Operating Income (Expenses)	-1.09	-0.38	15.34	-0.11	2.9	-1.86
EBT Excluding Unusual Items	-11.57	-44.64	-21.02	-25.49	-33.7	-64.9
Gain (Loss) on Sale of Investments	8.82	-7.66	-2.01	-	-	-
Gain (Loss) on Sale of Assets	-	-	24.83	-	-	-9.61
Asset Writedown	-3.66	-1.83	-	-	-	-210.19
Other Unusual Items	-9.99	-5.7	19.47	19.71	6.66	1.93
Pretax Income	6.5	-22.05	21.28	-5.79	58.72	-282.78
Income Tax Expense	-1.56	-1.97	-	1.83	1.83	1.83
Earnings From Continuing Operations	8.05	-20.08	21.28	-7.62	56.89	-284.61
Minority Interest in Earnings	-	-	-	0.19	1.23	0.14
Net Income	8.05	-20.08	21.28	-7.43	58.12	-284.46
Net Income to Common	8.05	-20.08	21.28	-7.43	58.12	-284.46
Shares Outstanding (Basic)	801	812	925	638	510	510
Shares Outstanding (Diluted)	899	812	925	638	510	510
Shares Change (YoY)	9.87%	-12.21%	45.13%	25.14%	-	-
EPS (Basic)	0.01	-0.02	0.02	-0.01	0.11	-0.56
EPS (Diluted)	0.01	-0.02	0.02	-0.01	0.11	-0.56
Free Cash Flow	-9.4	-59.32	-46.78	10.93	126.71	29.34
Free Cash Flow Per Share	-0.01	-0.07	-0.05	0.02	0.25	0.06
Gross Margin	21.83%	-10.31%	9.11%	14.92%	17.87%	-0.36%
Operating Margin	-1.23%	-35.16%	-16.06%	5.10%	2.95%	-12.58%
Profit Margin	7.33%	-22.65%	20.16%	-5.41%	48.70%	-199.43%
Free Cash Flow Margin	-8.55%	-66.88%	-44.32%	7.96%	106.17%	20.57%
EBITDA	42.25	13.94	19.78	48.28	43.18	28.16
EBITDA Margin	38.45%	15.72%	18.74%	35.18%	36.18%	19.74%
D&A For EBITDA	43.6	45.12	36.73	41.28	39.66	46.11
EBIT	-1.35	-31.18	-16.95	7	3.52	-17.95
EBIT Margin	-1.23%	-35.16%	-16.06%	5.10%	2.95%	-12.58%
Effective Tax Rate	-	-	-	-	3.12%	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.