Gulf Navigation Holding PJSC

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.

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.

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.

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.

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.