Gulf Navigation Holding PJSC

Ticker/ISIN

GULFNAV

AEG000601019

Market/Country

Dubai Financial Market

United Arab Emirates

About Gulf Navigation Holding PJSC

Gulf Navigation Holding (“the Company”) changed its legal form to Public Joint Stock Company and became Gulf Navigation Holding PJSC in October 2006. The Company is a holding company with shipping and maritime related activities undertaken through its subsidiaries. The business areas encompass marine transportation of commodities, chartering of vessels, ship agencies, marine transport undertaken by special passengers and merchant contracts, clearing and forwarding services and container loading, unloading, discharging and packing services etc.

Latest Pressrelease Summaries from Gulf Navigation Holding PJSC

The text provides instructions for completing and submitting a proxy form for shareholders of Gulf Navigation Holding Company (PJSC). Shareholders are required to fill out the form, appoint a representative to vote on their behalf at the Annual General Assembly meeting scheduled for January 2, 2025, at 3 PM, and send it along with the necessary documents to the specified email address: CapitalMarketsTeam@adcb.com. The form requires details such as the shareholder's number, contact information, date, and signature, as well as the name and contact details of the financial broker or entity that verified the proxy. The meeting will be held both in-person and virtually.

Disclosure: Invitation of General Assembly

9 days ago

The text is a formal communication regarding a resolution to be passed by the Board of Directors of Gulf Navigation Holding PJSC. The resolution, which will address regular matters and any other business of the company, is scheduled to be issued by circulation no later than 10:00 a.m. on Monday, December 9, 2024. The letter is addressed to H.E. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and H.E. Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority in Abu Dhabi. It is signed by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC.

Disclosure: Board Decisions by Passing

15 days ago

Gulf Navigation Holding PJSC (GULFNAV), a maritime and shipping company listed on the Dubai Financial Market, reported a 26% increase in revenues for the third quarter of 2024, reaching 26 million dirhams and returning to profitability with a net profit of 1.1 million dirhams. This performance was attributed to increased vessel chartering activity, strategic cost management, and improved operational efficiencies. Key financial highlights for Q3 2024 include revenue growth to AED 23.0 million, a shift to an operating profit of AED 2.85 million from a loss of AED 4.89 million in Q3 2023, reduced general and administrative expenses to AED 600 thousand, and slightly lower finance costs of AED 5.77 million. The company reported a strong cash position of AED 210.2 million and total assets of AED 995 million as of September 30, 2024. GULFNAV's growth was driven by strong performance in vessel chartering and higher operating efficiency, positioning it as a resilient entity in the maritime sector. Additionally, non-operating income of AED 1.56 million helped mitigate the impact of finance costs.

Disclosure: Press release regarding financial results for the 3rd QTR of 2024

a month ago

The text is a formal communication regarding the resignation of Mr. Saif Al Rashdi from his position as a Board Member of Gulf Navigation Holding PJSC. His resignation is effective from Friday, October 25, 2024. The Board will consider approving his resignation and appointing a new Board member at the next meeting scheduled for Monday, October 28, 2024. The letter is signed by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC.

Disclosure: Resignation of BOD member

2 months ago

The text is a formal notification regarding a scheduled Board of Directors meeting for Gulf Navigation Holding PJSC. The meeting is set to take place on Monday, October 28, 2024, at 10:00 AM. The agenda includes regular company matters and any other business deemed necessary. The notification is addressed to H.E. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and H.E. Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority, both in the United Arab Emirates. The message concludes with a courteous closing from Nader Muqbel, the Investor Relations Director at Gulf Navigation Holding PJSC.

Disclosure: BOD meeting

2 months ago

The document is a notification regarding an acquisition deal involving Brooge Energy Limited. It references a Board of Directors meeting held on September 25, 2024, where the board approved the acquisition of companies and assets owned by Brooge Energy Limited. The board has recommended the deal for approval by the General Assembly. The company has submitted all necessary documents to the Securities and Commodities Authority (SCA), which is currently reviewing them to protect shareholders' rights. Shareholders and the market will be updated on any developments once the authority's approval is obtained for convening the general assembly. Shareholders are advised to rely only on official sources for information and to contact the Investor Relations Department for accurate details about the deal or the company's activities. The notification is signed by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC.

Disclosure: Notification from the company

2 months ago

Gulf Navigation Holding PJSC (GULFNAV) announced key decisions by its Board of Directors regarding the acquisition of assets from Brooge Energy Limited, a NASDAQ-listed company specializing in the storage of crude oil and refined fuel products. The Board approved strategic terms for the acquisition and a capital increase, which will be presented to shareholders after approval from the Securities and Commodities Authority. This acquisition aligns with GULFNAV's strategy to expand its logistical services in the oil, gas, and petrochemical sectors. Brooge, headquartered in Fujairah, has a storage capacity of one million cubic meters and aims to double this capacity. The Board also approved the auditors' report and financial statements for 2023, along with the acquisition's structure and payment mechanism, which includes cash payments, mandatory convertible bonds, and new shares. A capital increase of approximately 448.5 million dirhams was approved to facilitate the acquisition.

Disclosure: Press release

3 months ago

Gulf Navigation Holding PJSC, a maritime and shipping company listed on the Dubai Financial Market, reported a net loss of AED 24.7 million for the first half of 2024. Despite the loss, the company has made strategic decisions and investments to strengthen its fleet and improve operational efficiency and sustainability. Two petrochemical tankers underwent maintenance and upgrades to extend their operational life by five years, enhancing revenue and efficiency. The company is also focusing on reducing carbon emissions in line with UAE directives and International Maritime Organization regulations. These initiatives are expected to improve long-term shareholder value and operational efficiency. Additionally, the company anticipates increased demand for petrochemical shipping services in the second half of the year. The Board of Directors also noted progress in the anticipated deal with Brooge Energy Limited, which is expected to move forward in the coming weeks with necessary approvals. The acquisition will be paid through a combination of cash, mandatory convertible bonds, and new shares.

Disclosure: Press release

4 months ago