Latest news with #GulfNavigationHolding
Zawya
21-03-2025
- Business
- Zawya
Mideast Stocks: Banks and industrial stocks drag Dubai lower, Abu Dhabi flat
Dubai's index ended lower on Friday, with banking and industrial stocks driving losses as rising geopolitical tensions dampened market sentiment, while the Abu Dhabi index closed almost flat. Regional geopolitical tensions have escalated this week, after Israel resumed airstrikes and ground operations in Gaza, effectively ending a two-month-old ceasefire. Dubai's main index declined 0.6%, hitting a near-three-month low, dragged lower by a 4% drop in Dubai Islamic Bank and a 9.8% fall in Gulf Navigation Holding. Outperforming the broader market, Emirates Integrated Telecommunications Co, (Du), rose 0.9% after Bloomberg News reported that Abu Dhabi's Mubadala Investment Company could sell at least part of its $1 billion stake in the firm. Dubai's index broke through its support level, which had held for the past two weeks, as recent negative sentiment surrounding global markets has weighed on stock market performance, Rania Gule, Senior Market Analyst at - MENA, said. However, fundamentals are still supportive, she said. Dubai and Abu Dhabi extended losses to a fifth straight week, registering declines of 0.8% and 0.5% respectively, according to LSEG data. Abu Dhabi's benchmark index closed almost flat, up 0.004%, supported by a 1% rise in Emirates Telecommunications Group (E&), and a 1.7% increase in shares of First Abu Dhabi Bank, the biggest lender by assets. Agthia Group, which appointed Salmeen Obaid Al Ameri as new MD and CEO on Friday, gained 0.9%. Oil prices - a key catalyst for the Gulf region's financial markets - fell slightly on Friday but were heading for a second consecutive weekly gain as fresh U.S. sanctions on Iran and the OPEC+ output plan raised expectations of tighter supply. Brent crude was down 0.5% to $71.64 a barrel by 1135 GMT. ABU DHABI up 0.004% to 9,368 points DUBAI down 0.6% to 5,100 points
Zawya
14-03-2025
- Business
- Zawya
Gulf Nav shareholders approve $871mln Brooge acquisition
Gulf Navigation Holding's shareholders have approved its AED 3.2 billion ($871 million) acquisition of Brooge Energy Limited (BEL) despite earlier discontent among minority shareholders about dilution of their holdings. The company's share capital will increase by 320% following the transaction - which includes issuing 359 million new shares in favour of BEL as well as AED 2.3 billion in mandatory convertible bonds (MCBs). The transaction also includes AED 460 million in cash as well as AED 500 million MCBs to current shareholders, prioritising minorities. Under it, Gulf Nav will acquire BEL's oil storage assets and companies - Brooge Petroleum and Gas Investment Company (BPGIC) FZE, Brooge Petroleum and Gas Investment Company Phase III FZE, and BPGIC Phase 3 Limited. Earlier, shareholders had expressed discontent as Gulf Nav's proposed conversion price for new bonds and shares is lower than one proposed by an alternative valuation from UAE financial regulator the Securities and Commodities Authority (SCA), meaning their holdings will be more diluted. But they agreed the company's own valuation, which was recommended by the board. The company will integrate Fujairah-based Brooge infrastructure to expand storage and logistics capabilities to serve demand for midstream oil and gas services in the region, as well as explore alternative fuel storage. (Writing by Imogen Lillywhite; editing by Brinda Darasha)
Zawya
17-02-2025
- Business
- Zawya
Gulf Navigation incurs $6mln losses in 2024
Dubai: Gulf Navigation Holding shifted to net losses valued at AED 22.79 million in 2024, against net profits amounting to AED 21.27 million in 2023. Revenues dropped to AED 88.68 million in 2024 from AED 105.53 million a year earlier, according to the preliminary financial results. The loss per share hit AED 0.01 last year, compared to an earnings per share (EPS) of AED 0.02 in 2023. Total assets hit AED 760.95 million as of 31 December 2024, down year-on-year (YoY) from AED 1 billion. The ADX-listed group attributed the decline in its financial performance to lower revenue, increased costs, and the impact of major dry-docking and maintenance work on two vessels. In the first nine months (9M) of 2024, Gulf Navigation Holding swung to net losses of AED 23.56 million, versus net profit worth AED 34.66 million in 9M-23.
