Gulf Navigation Holding (Gulf Nav) has seen its profit for 2016 spike as its financial turnaround efforts intensify.
The Dubai-listed company reported net annual earnings of AED 136.6m ($37.2m), against AED 20.2m in 2015.
This figure was boosted by liabilities worth AED 107.8m that no longer require to be written back.
Gulf Nav saw its operating revenue decline from AED 134.7m to AED 129.5m
