Gulf Navigation Holding PJSC — Earnings Release 2024

Feb 14, 2025

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Preliminary Unaudited Results of Gulf Navigation Holding PJSC for the year ended 31 Dec 2024

First: General Information:

Name of the Company

: Gulf Navigation Holding PJSC

Establishment Date : 6 November 2006 Paid up capital : AED 837,695,625

Subscribed capital

: AED 837,695,625

Authorized capital : AED 837,695,625 Chairman of the Board : H.H. Sheikh Theyab Bin Tahnoon Bin Mohammad Al Nahyan Name of external auditor : Grant Thornton Audit and Accounting Limited Corporation (BVI)

Company’s mailing address

: 39[th] Floor API Trio Tower, Al Barsha 1, P.O. Box 49651, Dubai, UAE

Tel : +971 4 4270104

Fax : +971 4 4270103 E-mail : info@gulfnav.com

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Second - Preliminary Unaudited Results (000 AED)

Total Assets : Shareholders’ Equity : Gross Revenue : Gross Profit/(Loss) : Net Profit/(Loss) for the year : Earnings/(Loss) per share (AED) :	2024 760,957 427,247 88,688 (7,984) (22,796) (0.017)	2023
		1,002,340
		595,636
		105,534
		9,613
		21,275
		0.023

Summary of the Company’s Performance:

The decline in GULFNAV’s financial performance in 2024 was primarily driven by lower revenue, increased costs, and the impact of major dry-docking and maintenance work on two vessels. This essential maintenance, aimed at extending the operational life and efficiency of the fleet, contributed to a temporary decline in profitability, with the company reporting a net loss of AED 22.8 million compared to a profit of AED 21.3 million in 2023. Despite this, GULFNAV remains focused on optimizing operations and strengthening its financial position in the coming periods.

Authorized Signatory

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