Gulf Navigation Holding PJSC

Dubai-based maritime and shipping company, Gulf Navigation Holding PJSC, has reported a net profit of 35 million dirhams for the first nine months of 2023, a significant increase from the 1.8 million dirhams net profit in the same period in 2022. Q3 2023 saw a 62% growth in net profit, reaching 6.8 million dirhams. However, operating revenue for the first nine months of 2023 was 83 million dirhams, down from 104 million dirhams in the same period last year, due to the sale of a vessel and dry dock operations. Total assets increased by 27% to approximately 1 billion dirhams, and total shareholders' equity rose by 70% to 711 million dirhams. The company also reduced financing costs by 30%. CEO Ahmad Kilani credited the results to cost control measures, growth and expansion strategy, income diversification, and debt cost reduction.

On October 16, 2023, the Board of Directors of Gulf Navigation Holding PJSC disclosed resolutions by circulation in accordance with principles of transparency and disclosure. The Board approved the financial statements for the financial period ending on September 30, 2023 (Q3 of 2023). The information was communicated to the Chief Executive Officer of Dubai Financial Market, H.E. Hamed Ahmed Ali, by the Board Secretary, Yazan S. Maragha. Copies were also sent to the Securities and Commodities Authority and the BS File.

On 12th October 2023, Board Secretary Yazan S. Maragha of Gulf Navigation Holding PJSC informed H.E. Hamed Ahmed Ali, the CEO of Dubai Financial Market, that the company's Board of Directors will pass resolutions by circulation no later than 16th October 2023. This is to approve the financial statements ending on 30th September 2023 (Q3 2023) along with other regular and internal matters. This communication was made in accordance with principles of disclosure and transparency. Copies of the communication were also sent to the Securities and Commodities Authority and for BS file.

The Gulf Navigation Holding PJSC has announced a capital increase activation following the resolutions of the General Assembly Meeting held on 11 September 2023. The capital increase was achieved through the private issuance of 220 million mandatory convertible Sukuk (MCSs) to new investors. These will be converted into 200 million shares at a conversion price of AED 1.10. This has increased the company's share capital to AED 837,695,625, representing a 31.36% increase from the previous capital of AED 637,695,625. The company has also informed its shareholders that all new shares will be subject to a 1-year lockup period until 10 October 2024.

The Gulf Navigation Holding PJSC has announced a capital increase activation following the approval of shareholders in a General Assembly Meeting held on 11 September 2023. The capital increase will be achieved by issuing 220 million mandatory convertible bonds (MCBs) to new investors, which will be converted into 200 million shares at a conversion price of AED 1.10. The company's share capital will increase from AED 637,695,625 to AED 837,695,625, representing a 31.36% increase. The activation date is set for 10 October 2023, after trading hours. The new shares will be subject to a 1-year lockup period until 10 October 2024. The current share price will remain unchanged.