Gulf Navigation has boosted its profit by 49% in the third quarter on its way to recovery.

The Dubai-listed owner reported net earnings of AED 131.2m ($35.7m), compared to AED 15.7m a year earlier.

Its improved financial result comes at a time when the company is witnessing “a significant turnaround in the performance and the stage of building a variety of global partnerships,” Gulf Nav said.

Khamis