Gulf Navigation announced that its profits decreased by 90% last year, to reach 5.75 million dirhams, compared to 59.52 million dirhams, the company's profits in 2021.
On the other hand, Gulf Navigation’s profits increased last year to reach 137.2 million dirhams, compared to revenues of about 121.98 million dirhams in 2021, an increase of approximately 13%.
On the other hand, the Board of Directors of Gulf Navigation recommended restructuring the company's capital by extinguishing most of the accumulated losses by reducing it by 50%. He also proposed amending the current dividend distribution system from annual to semi-annual distributions.
The Board of Directors of Gulf Navigation also recommended an increase in the company’s capital by 220 million dirhams by voting on a special decision to grant priority rights to existing shareholders or approving the offer that it approved and recommended related to the binding request previously submitted by the new strategic investors for a special issuance of compulsory convertible bonds. This is in accordance with what will be approved by the Securities and Commodities Authority.
The Board of Directors invited the General Assembly to convene, subject to obtaining the approval of the Securities and Commodities Authority, in order to consider and approve its recommendations.
