Press releases, Reports & Disclosures for Gulf Navigation Holding PJSC

On 20 November 2025, the Board of Directors of Gulf Navigation Holding PJSC held a meeting. During this meeting, they approved the appointment of Mr. Rasool Salman Dawood Alameri as a new Board member to fill a vacant seat, pending approval at the company's upcoming general assembly meeting. Additionally, the Board approved regular matters and other business related to the company. The communication was signed by Ali Abouda, the Chief Finance & Operation Officer of Gulf Navigation Holding PJSC.

A notification was sent to H.E. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and H.E. Waleed Saeed Al Awadhi, CEO of the Securities and Commodities Authority, regarding an upcoming Board of Directors meeting for Gulf Navigation Holding PJSC. The meeting is scheduled for Thursday, 20 November 2025, at 10:00 am. The agenda includes appointing a new Board member to fill a vacant seat and addressing regular matters and any other business of the company. The notification was issued by Ali Abouda, the Chief Finance and Operations Officer of Gulf Navigation Holding PJSC.

On 17 November 2025, a resignation letter was addressed to H.E. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and H.E. Waleed Saeed Al Awadhi, CEO of the Securities and Commodities Authority in Abu Dhabi. The letter announced the resignation of Dr. Abdul Rahman Al Afifi from his position as a Board Member of Gulf Navigation Holding PJSC, effective from the same date. The letter was signed by Ali Abouda, the Chief Finance & Operation Officer of Gulf Navigation Holding PJSC.

Gulf Navigation Holding PJSC, a shipping and maritime logistics company listed on the Dubai Financial Market, has received approval from the Securities and Commodities Authority to issue new shares and convert mandatory convertible bonds into shares. This is part of the final steps in acquiring Brooge Energy Limited. The approval follows resolutions from the company's General Assemblies to increase share capital from AED 837,695,625 to AED 3,520,241,080. This includes converting AED 500 million in bonds into 454,545,455 shares for existing shareholders, issuing 358,841,476 new shares to Brooge Energy Limited, and issuing 2.336 billion mandatory convertible bonds to Brooge Energy Limited. The approval also follows the transfer of ownership of Brooge’s subsidiaries to Gulf Navigation, as per a Share Purchase Agreement. Coordination with the Dubai Financial Market is complete, and the new shares are expected to be listed on 21 November 2025.

On November 14, 2025, a correspondence was addressed to Mr. Hamed Ahmad Ali, CEO of the Dubai Financial Market, and H.E. Waleed Saeed Al Awadhi, CEO of the Securities and Commodities Authority in Abu Dhabi, regarding the activation of a capital increase for Gulf Navigation Holding PJSC. The letter referenced resolutions from the company’s General Assembly Meetings on March 13 and July 10, 2025. These resolutions included approval from shareholders to increase capital through the issuance of AED 500,000,000 in mandatory convertible bonds at AED 1.10 per bond, which are to be converted into shares within three months. These bonds are exclusively for current shareholders, with major shareholders committing not to subscribe except for remaining bonds not taken up by minor investors in the last two days of the subscription period. Additionally, the shareholders approved a capital increase by issuing 358,841,476 new shares to Brooge Energy Limited, with a one-year lock-up period from the date of issuance.

Gulf Navigation Holding PJSC announced strong financial results for the first nine months of 2025, showing significant revenue growth, improved profitability, and a strengthened balance sheet. The company's revenue increased by 35% to AED 81.6 million, driven by higher fleet utilization and better performance in vessel chartering. Gross profit reached AED 13.8 million, a turnaround from a loss of AED 12.7 million in the same period last year. Net profit was AED 4.6 million, compared to a loss of AED 23.6 million previously. Total assets grew by 75% to AED 1.29 billion, and total equity increased by 140% to AED 913 million, supported by the issuance of AED 500 million in Mandatory Convertible Bonds. Interest-bearing borrowings were AED 146.4 million following refinancing on improved terms. The results reflect improved operational efficiency and liquidity, positioning the company for future growth and strategic expansion, including the ongoing Brooge acquisition.

On 14 November 2025, the Board of Directors of Gulf Navigation Holding PJSC held a meeting. During this meeting, they approved the interim financial statements for the nine-month period ending 30 September 2025. Additionally, they approved regular matters and other business activities of the company. The communication is signed by Ali Abouda, the Chief Finance & Operation Officer of Gulf Navigation Holding PJSC.

A notification was sent to H.E. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and H.E. Waleed Saeed Al Awadhi, CEO of the Securities and Commodities Authority, informing them of an upcoming Board of Directors meeting for Gulf Navigation Holding PJSC. The meeting is scheduled for Friday, 14 November 2025, at 10:00 am. The agenda includes reviewing and potentially approving the interim financial statements for the nine-month period ending 30 September 2025, along with discussing regular company matters and any other business. The notification was signed by Ali Abouda, the Chief Finance and Operations Officer of Gulf Navigation Holding PJSC.

The Board of Directors of Gulf Navigation Holding PJSC held a meeting on Friday, 7 November 2025. During the meeting, they approved the appointment of Suhail Suhail Al Mazrouei as a new Board member to fill a vacant seat. This appointment is subject to approval at the company's upcoming general assembly meeting. The communication was addressed to H.E. Hamed Ahmed Ali, CEO of Dubai Financial Market, and H.E. Waleed Saeed Al Awadhi, CEO of the Securities and Commodities Authority, and was signed by Ali Abouda, Chief Finance & Operation Officer of Gulf Navigation Holding PJSC.