Gulf Navigation Holding PJSC

The text is a template for a Proxy or Power of Attorney form for shareholders of the Gulf Navigation Holding Company. After filling out the form, shareholders are to send it, along with any necessary supporting documents, to CapitalMarketsTeam@adcb.com. The proxy allows a named individual to represent the shareholder and vote on their behalf at the Annual General Assembly meeting, which will be held both in person and virtually on April 29, 2024, or any adjourned meeting. The form also requires the contact details of the shareholder, the date, and the shareholder's signature. The name and contact details of the financial broker or entity that approved or verified the proxy are also required.

Gulf Navigation Holding PJSC (GULFNAV), a maritime and shipping company listed on the Dubai Financial Market, reported a net profit of AED 21 million in 2023, a significant turnaround from a net loss of AED 7.6 million in 2022. The company's gross profit reached AED 9.6 million, predominantly driven by the chartering business. Total assets were AED 1 billion, up from AED 785 million in 2022. Shareholders' equity increased by 42% to AED 596 million. However, gross revenues from operations fell by 23% to AED 106 million, due to necessary vessel repairs and dry docking. Other revenue and income rose by 64% to AED 33 million due to resource management and restructuring. The company also reduced operating costs by 18% and financing costs by 32%.

The text pertains to the consolidated financial statements of Gulf Navigation Holding PJSC and its subsidiaries for the fiscal year ending on December 31, 2023.