Gulf Navigation Holding PJSC successfully concludes first Annual General Meeting

The shareholders approved a cash dividend of 7% of share capital equivalent to 7 fils per share.

Other items that received shareholder approval included the audited financial statement and the Board of Director's report for the year ended December 31, 2007.

It re-appointed Ernst & Young as auditor for 2008 while Mrs. Salma Hareb was replaced by Mohammed Al Muallem on the company's board.

The company's proposal to allow non-GCC nationals to hold up to 20% of its shares will be ratified at the Extraordinary General Meeting to be held on 14th April 2008.

GULFNAV announced a record profit of Dhs116.05m in 2007 compared to Dhs52.57m for 2006, up by 120.77%.

The regional shipping leader also unveiled plans to further widen and solidify its position.

Engineer Abdullah Al Shuraim, Chairman, in a presentation at the AGM, gave an overview of the company, its key success factors and profitable growth strategies.

He also presented the financial results and performance for 2007. Commenting on the outlook for 2008, he said, "We aim to consolidate the gains made in 2007 which has been a remarkable year for GULFNAV. We were able to deliver a solid performance, superior financial results and impressive growth across all business areas. Our performance reflects the success of our strategy of innovation in providing high quality services to clients on the back of continued growth in the global shipping business".

Noting the high level of commitment from his people, Simon Barham, CEO, added: "We cannot remain the leading regional shipping company without our people continually working towards that goal. We endeavour to make GULFNAV the preferred place for people to work in the regional and international shipping industry".

GULFNAV trading began on the Dubai Financial Market on February 07, 2007.

It is the 48th company to list on the DFM and the third company trading in the transportation industry sector.