Gulf Navigation Holding PJSC

On December 13, 2023, a communication was sent by Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding PJSC, to H.E. Hamed Ahmed Ali, the CEO of Dubai Financial Market, and H.E. Dr. Maryam Buti Al Suwaidi, the CEO of Securities and Commodities Authority. The communication informed them about the postponement of the date for issuing a Board of Directors' resolution by circulation for Gulf Navigation Holding PJSC. This decision comes following the company's disclosure dated December 8, 2023, regarding passing a Board resolution by circulation.

On 12/12/2023, Nader Muqbel, the Investor Relations Director of Gulf Navigation Holding, sent a clarification disclosure 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 in Abu Dhabi. The disclosure referenced a previous announcement made on 08/12/2023 about the Board of Directors' resolution. The clarification stated that the members of the Audit Committee were appointed during the 8th meeting of the Board of Directors in 2023, which took place on 20/09/2023.

Gulf Navigation Holding PJSC (GULFNAV) and Scorpio Services Holding Limited (SSH) have established a joint venture called Black Marlin Ship Management & Operation L.L.C, based in Dubai. The partnership will focus on delivering ship management solutions for regional clients, leveraging the capabilities and experience of both companies. The venture will initially operate with eight vessels, four from each partner, and will offer a variety of services to cater to the specific needs of owners across multiple shipping sectors and operating models. The companies aim to improve operational efficiency, fill gaps in domestic maritime services, and provide high-quality services to their clients.

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.