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Gulf Navigation Holding PJSC, a maritime and shipping company listed on the Dubai Financial Market, reported a net loss of AED 24.7 million for the first half of 2024. Despite the loss, the company has made strategic decisions and investments to strengthen its fleet and improve operational efficiency and sustainability. Two petrochemical tankers underwent maintenance and upgrades to extend their operational life by five years, enhancing revenue and efficiency. The company is also focusing on reducing carbon emissions in line with UAE directives and International Maritime Organization regulations. These initiatives are expected to improve long-term shareholder value and operational efficiency. Additionally, the company anticipates increased demand for petrochemical shipping services in the second half of the year. The Board of Directors also noted progress in the anticipated deal with Brooge Energy Limited, which is expected to move forward in the coming weeks with necessary approvals. The acquisition will be paid through a combination of cash, mandatory convertible bonds, and new shares.

Gulf Pharmaceutical Industries P.S.C. has released its unaudited interim condensed consolidated financial statements for the period ending 30 June 2024.