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Gulf Navigation Holding PJSC Interim / Quarterly Report 2021
66367_rns_2021-08-15_6e4a3d65-95bf-40fa-a344-89a6b59cf208.pdf
Interim / Quarterly Report
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Detailed analysis of accumulated losses
| Date | 14 August 2021 |
|---|---|
| Name of the Listed Company | Gulf Navigation Holding PJSC |
| Define the period of the financial statements |
H1 2021 |
| Value of the Accumulated losses | AED 644,018,000 |
| Accumulated losses to capital ratio | 63.2% |
| The main reasons leading to these accumulated losses and their history |
Lower revenue due to Covid -19 impact. High net finance cost. $\overline{\phantom{a}}$ Write-off of GL1 vessel which sank off during the year. $\overline{a}$ Impact of the amortization of vessels and goodwill. $\overline{\phantom{0}}$ |
| Measures to be taken to address accumulated losses: |
The group is stabilizing the vessels performance by $\overline{\phantom{a}}$ taking the necessary measures to overcome the Covid-19 pandemic challenges. The Group is negotiating refinancing the vessels with a $\overline{\phantom{a}}$ lower finance rate. Chartering ships with trusted clients on long-term basis $\overline{\phantom{a}}$ and exiting unprofitable business sectors. |
| The Name of the Authorized Signatory | Ahmad Kilani |
|---|---|
| Designation | Managing Director/Board Member |
| Signature and Date | 14/08/2021 |
| Company's Seal | |
| الخليج للملاحة القابضية (شاماع) Gulf Navigation Holding PSC P.O Box 49651, Dubai - U.A.E. $P$ ge 1 of 1 |
|
| +971 4 4270 104 $\bullet$ +971 4 4270103 |
E P.O.Box: 49651 www.gulfnav.com $\odot$ |