«Gulf Navigation» intends to expand the maritime fleet by 50% within two years

Ahmed Al-Kilani, member of the Board of Directors and Managing Director of the Gulf Navigation Holding Group, said that the company plans to expand and increase the fleet of petrochemical tankers and enhance its capacity in the field of owning and managing this type of ships.
He explained in a statement that the company’s new capital will be used to purchase new petrochemical tankers, modernize the company’s fleet, expand the shipping agency unit and the ship management unit, in addition to paying some of the company’s obligations and debts.
According to Al-Kilani, the company’s goal is to increase the marine fleet by 50% over the next two years. He said, “During the coming months, we will continue to focus on developing our operations, employing the right skills for our current and future requirements, and achieving high value for all stakeholders in the short and long term as we proceed to implement our strategy.”

capital adjustments
The company’s general assembly recently approved reducing the company’s capital by 50% by canceling 637.7 million shares of its shares to extinguish accumulated losses of 637.7 million dirhams. A special issuance of 220 million mandatory convertible bonds for new investors was approved, which will be converted into 200 million shares at a conversion price equivalent to 1.10 dirhams and the company’s capital increase from 637.7 million dirhams to 837.7 million dirhams, after the completion of capital reduction procedures, provided that obtaining approval of the regulatory authorities.
Gulf Navigation, listed on the Dubai Financial Market, announced in a statement its audited financial results for the year 2022, with revenues amounting to 137 million dirhams at the end of 2022, compared to 119 million dirhams during the same period in 2021.
Profits from operations amounted to 20 million dirhams by the end of 2022, compared to operating profits of 21 million dirhams during the same period in 2021.
Total shareholders’ equity as at December 31, 2022 increased by 13% to AED 423 million, compared to AED 375 million in 2021. Revenues for the year 2022 increased by 15% compared to 2021, mainly due to the improvement in revenues from charter operations and marine agency services, and as part of its efforts To improve its financial performance, the company has also reduced financing costs by 18%.
The company has total assets of 792 million dirhams as of December 31, 2022, compared to 834 million dirhams in 2021.