Gulf Navigation Holding PJSC

Gulf Navigation Holding PJSC (GULFNAV), a maritime and shipping company listed on the Dubai Financial Market, reported its unaudited financial results for the second quarter ending June 30, 2025. The company achieved a net profit of 7.4 million dirhams, marking a return to profitability. Revenue increased to AED 28.5 million, a 110% rise from AED 13.6 million in Q2 2024. Gross profit was AED 6.2 million, compared to a gross loss of AED 12.5 million in the previous year, while direct costs decreased by 22% to AED 22.3 million. Cash and bank balances rose to AED 24.4 million from AED 5.2 million at the end of 2024. The improvements were attributed to higher vessel chartering activity, better fleet utilization, and cost discipline. CEO Ahmad Kilani highlighted the company's focus on fleet efficiency and financial management, as well as a strategic acquisition to enhance competitive capabilities and growth prospects.

On 14 August 2025, the Board of Directors of Gulf Navigation Holding PJSC held a meeting. During this meeting, they approved the interim financial statements for the six-month period ending on 30 June 2025. Additionally, they approved regular matters and any other business matters of the company. The communication 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 was signed by Nader Muqbel, Investor Relations Director of Gulf Navigation Holding PJSC.

The Board of Directors of Gulf Navigation Holding PJSC is scheduled to meet on Thursday, 14 August 2025, at 10:00 am. The agenda includes considering the approval of the company's interim financial statements for the six-month period ending 30 June 2025, as well as addressing regular matters and any other business. The notification is 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. The letter is signed by Nader Muqbel, Investor Relations Director at Gulf Navigation Holding PJSC.

The Board of Directors of Gulf Navigation Holding PJSC held a meeting on Thursday, 31 July 2025. During this meeting, they approved regular matters and other business-related issues of the company. The information was communicated by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC, to H.E. Hamed Ahmed Ali, CEO of the Dubai Financial Market, and H.E. Waleed Saed Al Awadhi, CEO of the Securities and Commodities Authority.

On July 31, 2025, Gulf Navigation Holding PJSC informed Hamed Ahmed Ali, the CEO of the Dubai Financial Market, about an increase in the permitted percentage of foreign ownership in the company’s capital. The limit has been raised from 49% to 100% according to Article 7 of the company's articles of association. The last trading date under the 49% limit will be August 1, 2025, and the new limit will take effect on August 4, 2025. This information was communicated by Nader Muqbel, the Investor Relations Director.

The text is a formal notification regarding a Board of Directors meeting for Gulf Navigation Holding PJSC. The meeting is scheduled to take place on Thursday, 31 July 2025, at 10:00 am. The agenda includes regular matters and any other business related to the company. The notification is addressed to H.E. Hamed Ahmed Ali, CEO of Dubai Financial Market, and H.E. Dr. Maryam Buti Al Suwaidi, CEO of the Securities and Commodities Authority. The message is signed by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC.

Gulf Navigation Holding PJSC (GULFNAV), a maritime and shipping company listed on the Dubai Financial Market, has successfully completed its AED 500 million Mandatory Convertible Bond (MCB) offering. The total subscriptions exceeded AED 520 million, with bonds priced at AED 1.10 each, set to convert into shares by October 29, 2025. This offering is part of GULFNAV's AED 3.2 billion acquisition of Brooge Energy Limited's assets, aimed at expanding into the regional energy infrastructure sector. The funds will cover the cash component of the acquisition, while the remainder will be settled through issuing new shares and additional MCBs to Brooge. The company will not open a second tranche for major shareholders as the required amount was raised in the first tranche. Chairman Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan expressed gratitude to shareholders and stakeholders, emphasizing the company's commitment to completing the acquisition and enhancing its role in regional logistics solutions.

Gulf Navigation Holding PJSC announced the successful completion of its Mandatory Convertible Bonds (MCBs) subscription, raising over AED 520 million, surpassing the target of AED 500 million. This indicates strong investor confidence in the company's strategic direction and future prospects. The subscription process is officially closed, and there will be no second tranche for major shareholders as the required capital was fully raised in the first tranche. The MCBs will be converted into shares by October 29, 2025, as per the approved terms. The company expressed gratitude to participating shareholders and reaffirmed its commitment to transparency, regulatory compliance, and long-term value creation.