Latest news with #GulfNavigation
Zawya
2 days ago
- Business
- Zawya
GULFNAV reports Q2 2025 financial results
Dubai, UAE: Gulf Navigation Holding PJSC ('GULFNAV') the Dubai Financial Market listed maritime and shipping company, announced its unaudited financial results for the first quarter ended June 30, 2025, delivering robust revenue growth, stronger margins, and a return to profitability. The strong second-quarter results were driven by higher vessel chartering activity, improved fleet utilization, and continued cost discipline. Key Highlights for Q2 2025: Revenue: AED 28.5 million, up 110% from AED 13.6 million in Q2 2024. Gross Profit: AED 6.2 million, compared to a gross loss of AED 12.5 million in Q2 2024 (positive turnaround of AED 18.7 million). Net Profit: AED 7.4 million, compared to a net loss of AED 13.2 million in the same period last year (improvement of AED 20.6 million). Direct Costs: AED 22.3 million, down 22% from AED 28.6 million. Cash & Bank Balances: AED 24.4 million, up from AED 5.2 million at year-end 2024. Direct Costs: AED 43.5 million, down 19% from AED 53.6 million in Q2 2024. Commenting on the results, Board Member & CEO Ahmad Kilani stated: " The company has experienced strong revenue growth, a notable improvement in margins, and a return to profitability, reflecting the resilience of our core operations and the strength of our business model. Our unwavering focus on enhancing fleet efficiency, disciplined financial management, and operational performance is now delivering tangible results. In addition, the strategic acquisition of Borouj Energy Limited's assets will mark a milestone in our transformation journey, strengthening our competitive capabilities and future growth prospects. We are confident in our ability to build on this momentum in the second half of the year and remain committed to creating sustainable long-term value for our shareholders." About Gulf Navigation Holding: Gulf Navigation Holding PJSC ('GULFNAV') is a fully integrated and synergized organization with a multifunctional business. It is the only maritime and shipping company listed in the Dubai Financial Market since February 2007 under the symbol 'GULFNAV'. The Company is headquartered in Dubai, with branch offices inside the ports of Fujairah and Khorfakkan, along with an overseas office in the Kingdom of Saudi Arabia. The Company has a fleet of chemical tankers, livestock transport vessels, well stimulation vessels, operation support vessels, marine services, and ship repair operations. As an ISO 9001:2015 certified company accredited by Bureau Veritas, GULFNAV is committed to adhering to the requirements of the international safety management code for the safe operations of vessels, pollution prevention and environmental control, including compliance with all the applicable international laws, regulations and requirements. GULFNAV constantly works to upgrade its operations and provide high-quality services to local and international markets. For media inquiries, please contact: Nader Muqbel Director of Corporate Communications & Investor Relations Tel: +971 56 778 0799 E-mail:
Arabian Business
15-07-2025
- Business
- Arabian Business
GulfNav raises $136.15mn through oversubscribed MCB offering
Gulf Navigation Holding (GulfNav) has successfully raised AED 500 million (US$136.15 million) through an oversubscribed Mandatory Convertible Bond (MCB) offering. The money raised will form a key component of the company's AED 3.2 billion (US$870 million) acquisition of Brooge Energy Limited and supports the company's vision to expand into the regional energy infrastructure sector. Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation Holding, commented: 'This offering marks a significant step toward executing the acquisition. It reflects the strong confidence our shareholders have in the company's vision to grow in the energy infrastructure space. We will continue to focus on completing the next phases of the transaction and strengthening GulfNav's role as an integrated logistics solutions provider in the region.' GulfNav strengthens position with Brooge deal The Brooge acquisition was approved by GulfNav shareholders on 13 March this year, and the agreement was signed on 28 May. The bonds were offered at AED 1.10 each and will be converted into shares on or before 29 October 2025. Total subscriptions exceeded AED 520 million from eligible shareholders who subscribed through Emirates NBD, the lead receiving bank. The AED 500 million raised through the MCBs will fund the cash component of the acquisition, while the remaining consideration will be settled through the issuance of approximately 359 million new shares to Brooge at AED 1.25 per share (subject to a one-year lock-up), and an additional AED 2.3 billion in MCBs issued to Brooge, convertible at AED 1.25 per share, also with a one-year lock-up post-conversion. Founded in 2013, Brooge is one of the most technologically advanced companies in the crude oil storage services sector. It has strengthened its investments and presence in Fujairah and become an important hub in oil storage and exporting. The Brooge acquisition is expected to strengthen GulfNav's market position and boost its operational efficiency and competitive edge. It will also diversify the company's revenue streams and deepen relationships with key strategic partners in the energy sector.
Zawya
14-07-2025
- Business
- Zawya
Gulf Navigation raises $136mln from MCB offering
Gulf Navigation Holding has completed its AED 500 million mandatory convertible bond (MCB) offering, with total subscriptions exceeding AED 520 million from eligible shareholders. The shareholders subscribed for the transaction through Emirates NBD, according to a press release. The bonds were offered at AED 1.10 per bond and will be converted into shares on or before 29 October 2025. In line with Gulf Navigation's AED 3.20 billion strategic acquisition of Brooge Energy Limited's assets and companies, the offering directly supports the company's vision to expand into the regional energy infrastructure sector. The proceeds from the MCBs will fund the cash component of the acquisition, while the remaining consideration will be settled through the issuance of nearly 359 million new shares to Brooge at AED 1.25 per share. This is subject to a one-year lock-up. Meanwhile, an additional AED 2.30 billion in MCBs issued to Brooge, convertible at AED 1.25 per share, will also have a one-year lock-up post-conversion. Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation, stated: 'We will continue to focus on completing the next phases of the transaction and strengthening GULFNAV's role as an integrated logistics solutions provider in the region.' He added: 'We remain fully committed to executing the acquisition as planned, integrating the new assets seamlessly, and delivering long-term operational and financial value to our shareholders.' The DFM-listed company asserted that the second tranche, mainly reserved for major shareholders, will not be opened as the full amount was raised in the first tranche. The subscription process is now officially closed, and no further applications will be accepted. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (
Zawya
14-07-2025
- Business
- Zawya
GULFNAV successfully completes mandatory convertible bond offering
Dubai, UAE: Gulf Navigation Holding PJSC ('GULFNAV'), a leading maritime and shipping company listed on the Dubai Financial Market, announced the successful completion of its AED 500 million Mandatory Convertible Bond (MCB) offering, with total subscriptions exceeding AED 520 million from eligible shareholders who subscribed through the lead receiving Bank – Emirates NBD. The bonds were offered at AED 1.10 per bond and will be converted into shares on or before 29 October 2025. The offering represents a key component of GULFNAV's AED 3.2 billion strategic acquisition of Brooge Energy Limited's assets and companies ('Brooge'), and directly supports the Company's vision to expand into the regional energy infrastructure sector. The AED 500 million raised through the MCBs will fund the cash component of the acquisition, while the remaining consideration will be settled through the issuance of approximately 359 million new shares to Brooge at AED 1.25 per share (subject to a one-year lock-up), and an additional AED 2.3 billion in MCBs issued to Brooge, convertible at AED 1.25 per share, also with a one-year lock-up post-conversion. His Highness Sheikh Theyab bin Tahnoon bin Mohammad Al Nahyan, Chairman of Gulf Navigation Holding, stated: 'This offering marks a significant step toward executing the acquisition. It reflects the strong confidence our shareholders have in the Company's vision to grow in the energy infrastructure space. We will continue to focus on completing the next phases of the transaction and strengthening GULFNAV's role as an integrated logistics solutions provider in the region.' His Highness added: 'On behalf of the Board of Directors, I extend my sincere thanks to all shareholders who participated in the offering for their continued support and trust. I also wish to express our appreciation to our partners, advisors, and regulatory stakeholders for their critical role in the success of this issuance. We remain fully committed to executing the acquisition as planned, integrating the new assets seamlessly, and delivering long-term operational and financial value to our shareholders.' The Company confirmed that the second tranche, originally reserved for major shareholders, will not be opened as the full amount was raised in the first tranche. The subscription process is now officially closed, and no further applications will be of Form -Ends- About Gulf Navigation Holding: Gulf Navigation Holding PJSC ('GULFNAV') is a fully integrated and synergized organization with a multifunctional business. It is the only maritime and shipping company listed in the Dubai Financial Market since February 2007 under the symbol 'GULFNAV'. The Company is headquartered in Dubai, with branch offices inside the ports of Fujairah and Khorfakkan, along with an overseas office in the Kingdom of Saudi Arabia. The Company has a fleet of chemical tankers, livestock transport vessels, well stimulation vessels, operation support vessels, marine services, and ship repair operations. As an ISO 9001:2015 certified company accredited by Bureau Veritas, GULFNAV is committed to adhering to the requirements of the international safety management code for the safe operations of vessels, pollution prevention and environmental control, including compliance with all the applicable international laws, regulations and requirements. GULFNAV constantly works to upgrade its operations and provide high-quality services to local and international markets. For media inquiries, please contact: Nader Muqbel Director of Corporate Communications & Investor Relations E-mail:
Zawya
11-06-2025
- Business
- Zawya
Gulf Navigation in deal to acquire Brooge Energy assets for $871mln
Gulf Navigation Holding, a leading maritime and shipping company listed on the Dubai Financial Market, has entered into a deal with Brooge Energy, a leading Cayman Islands-based crude oil, fuel oil and refined fuel products storage company, to formalise the sale and purchase agreement (SPA) in accordance with the acquisition structure that was previously approved by Gulfnav's shareholders in the March general assembly meeting, thus marking a key milestone in the AED3.2 billion ($871 million) strategic acquisition. This agreement finalises Gulfnav's acquisition of the assets and subsidiaries of Nasdaq-listed Brooge, including Brooge Petroleum and Gas Investment Company FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited. Following the signing of the Sale and Purchase Agreement, both parties will work closely to fulfill the remaining conditions required to complete the transaction, including securing final regulatory approvals, satisfying all contractual and legal completion terms, and executing the necessary corporate actions. As part of this process, Gulfnav will implement a capital increase, issue new shares to Brooge Energy Limited, and initiate a structured capital raising initiative through the issuance of Mandatory Convertible Bonds (MCBs). Upon completion, the focus will shift to operational integration to ensure a smooth transition and to unlock synergies across both organizations. All final conditions of the deal are expected to be completed before the end of the third quarter of 2025, subject to customary closing conditions. Signing the agreement reflects the continued commitment of both companies to transform the regional midstream oil and gas landscape. This transaction reinforces Gulfnav's strategy to become an integrated energy logistics powerhouse by significantly expanding its storage, terminal, and related infrastructure capabilities. The acquisition, involves a settlement structure comprising cash, newly issued shares, and Mandatory Convertible Bonds (MCBs). This includes: •Issuance of 358.8 million new shares to Brooge at AED1.25 per share, subject to a one-year lock-up. •AED2.33 billion in MCBs issued to Brooge, convertible at AED1.25 per share. •AED500 million in MCBs exclusively offered to Gulfnav's existing shareholders at AED1.1 per share. •A cash component of AED460 million. Founded in 2013, Brooge today it is one of the most technologically advanced companies in the crude oil storage services sector, as the company's facilities and terminals use advanced technologies consistent with the best international standards. It has strengthened its investments and presence in Fujairah being an important hub in oil storage and exporting. Gulfnav said this acquisition is expected to strengthen its market position and boost operational efficiency and competitive edge. It will also diversify the company's revenue streams and deepen relationships with key strategic partners in the energy sector, positioning Gulfnav to capitalize on future growth opportunities across local and regional markets. Through this strategic expansion, Gulfnav aims to enhance financial performance and deliver greater returns to its shareholders. "This signing marks a pivotal moment in our growth journey. This is more than an acquisition, it's a strategic integration that will allow us to unlock new opportunities in the energy logistics space," remarked its CEO Ahmad Kilani. "By combining our maritime capabilities with Brooge's cutting-edge infrastructure, we are well-positioned to deliver value to our customers, shareholders, and the UAE's broader energy ecosystem," he added. Trussbridge Advisory (DIFC) Limited acted as exclusive financial advisor to Gulfnav on the transaction. Pinsent Masons acted as the lead counsel, while Ibrahim & Partners advised on structuring and regulatory matters of the transaction. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
