Gulf Navigation incurs $6mln losses in 2024
Revenues dropped to AED 88.68 million in 2024 from AED 105.53 million a year earlier, according to the preliminary financial results.
The loss per share hit AED 0.01 last year, compared to an earnings per share (EPS) of AED 0.02 in 2023.
Total assets hit AED 760.95 million as of 31 December 2024, down year-on-year (YoY) from AED 1 billion.
The ADX-listed group attributed the decline in its financial performance to lower revenue, increased costs, and the impact of major dry-docking and maintenance work on two vessels.
In the first nine months (9M) of 2024, Gulf Navigation Holding swung to net losses of AED 23.56 million, versus net profit worth AED 34.66 million in 9M-23.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
9 hours ago
- Gulf Today
Bitcoin reaches an all-time high, surpassing $118,000
Bitcoin has reached an all-time high, surpassing $118,000 as a flood of money moves into spot bitcoin ETFs, which have opened up cryptocurrency investing to millions. A soft US dollar and the digital currency friendliness of President Donald Trump's administration has also helped to push the price of bitcoin to unprecedented levels recently. Last month the Senate passed legislation that would regulate a form of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to bolster its legitimacy and reassure consumers. The fast-moving legislation comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond. Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the US dollar. The acronym stands for "Guiding and Establishing National Innovation for US Stablecoins.' Next week the House of Representatives will be considering the GENIUS Act as part of Congress' efforts to strengthen the country's crypto position. US-listed crypto stocks jumped on Friday as bitcoin surged to a record high in the run-up to a landmark week that could cement policy wins for the crypto industry. Starting July 14, the House of Representatives will debate three major crypto bills that are likely to provide the industry the regulatory framework in the US that it has long demanded. The lawmakers will discuss the Genius Act, the Clarity Act and the Anti-CBDC Surveillance State Act during the "Crypto Week", amid growing bets that the industry's strained ties with Washington is beginning to thaw. This is a sharp reversal of fortune for a sector that had once threatened to flee offshore, citing a hostile environment and heavy-handed enforcement in the US "We expect capital that was previously sidelined due to regulatory uncertainty to re-enter," said Jag Kooner, head of derivatives at crypto exchange Bitfinex. "Even if final passage stalls, the optics of legislative engagement are bullish." Regulatory clarity could encourage more companies to adopt bitcoin in their treasury strategies, analysts said, similar to firms such as Strategy, which has accumulated the cryptocurrency as a long-term store of value. "We're seeing bitcoin treasury strategies proliferate across companies, which reflects growing institutional confidence in BTC as a balance-sheet asset," said Nicolai Sondergaard, research analyst at Nansen. Bitcoin's surge has triggered a broader rally in the crypto market, with strong and sustained inflows into the related spot exchange-traded funds driving prices higher, he said. The world's largest cryptocurrency was last up 4% at $118,071.19, taking its gains for the year to 26%. The digital asset has surged nearly 41% in the last three months. Bitcoin buyer and holder Strategy rose 3.8%, while crypto miners Riot Platforms, Hut 8 and Mara Holdings gained between 1.5% and 3%. "Investors are racing to take positions ahead of the extra publicity this event could attract," said Dan Coatsworth, investment analyst at AJ Bell, referring to the Crypto Week. Rising confidence in bitcoin is now resulting in investors chasing higher returns in smaller tokens. Ether, the second-largest token, was last up 6.5%, while XRP and Solana gained 12% and 2%, respectively. The sector's total market value has swelled to about $3.7 trillion, according to data from CoinMarketCap. Bitcoin's sharp rally has also drawn caution from some corners of the market. As crypto gets embedded in the traditional financial system, some analysts warned the hype may be outpacing reality, as it starts to displace gold as the preferred hedge against equities. "The (regulatory) backdrop has supported prices and attention has turned to bitcoin's role in portfolios, with some likening the crypto-asset to 'digital gold'. This moniker is likely premature," said Dirk Willer, Citi's global head of macro, asset allocation and emerging market strategy. With likely volatility ahead, some analysts have cautioned investors to pause and weigh their time horizons before jumping in. "It's hard not to be optimistic about bitcoin at this moment in time, but the risk of a fall in price or short-term pullback still exists," said Simon Peters, crypto analyst at online brokerage eToro. Critics have argued the Trump administration is conceding too much to the crypto industry. "I'm concerned that what my Republican colleagues are aiming for is another industry handout that gives the crypto lobby exactly its wish list," Democratic Senator Elizabeth Warren said earlier this week. She urged Congress to bar public officials, including the President, from issuing, backing or profiting from crypto tokens. Trump has faced criticism from political rivals and ethics experts over potential for conflicts of interest regarding his family's crypto ventures. Reuters
Channel Post MEA
13 hours ago
- Channel Post MEA
Bosch Registers Strong Growth In The Middle East
Bosch ended its 2024 fiscal year with AED 2.3 billion (574 million euros) in consolidated sales in the Middle East, registering a 18 percent year-on-year increase despite tough market conditions. Key contributions came from business divisions including Home Appliances, Power Tools, Mobility Aftermarket, Home Comfort, Bosch Engineering, and Bosch Global Software Solutions. Bosch remains focused on enhancing local expertise in these strategic areas to support sustained regional growth. 'Despite challenging global market conditions, Bosch Middle East continues to strengthen its position as we invest in the dynamic, fast-growing markets in the region. We are implementing our regional strategies with a strong emphasis on innovation and sustainability, while actively supporting the development of the technological landscape in the region – bringing Bosch's advanced solutions to its focus areas such as Mobility, Industrial Technology, and the Energy and Building Technology business sectors – to meet the demands of some of the world's fastest-growing economies,' said Per Johansson, Vice President, and Board Member of Bosch Middle East. 'With highly skilled teams, a sound business strategy, and over a century of expertise, we expect this positive momentum to continue in the future.' The number of associates employed at Bosch in the Middle East stood around 500 as of December 31, 2024. Positive development across all Bosch business sectors Bosch Mobility saw significant growth in 2024, in the Middle East, driven by increasing demand for smart and sustainable mobility solutions and the emergence of new vehicle manufacturers, startups, and engineering, design and manufacturing hubs in the region. From automotive components to advanced driver assistance systems and connected mobility platforms, Bosch continues to enable the rollout of safe, efficient, environmentally friendly, and intelligent transportation systems in line with national visions of the region. Finally, significant progress was seen in the Mobility Aftermarket business, led by traditional passenger car spare parts and heavy-duty commercial vehicle components. Bosch Global Software Technologies recorded strong growth, driven by rising demand for AI-powered products, services and Engineering Services. This growth was particularly strong in Saudi Arabia and the UAE, supported by both the acquisition of new clients and the expansion of existing digital enterprise partnerships, which further accelerated the division's momentum. In the Consumer Goods business sector, Bosch experienced consistent high demand for home appliances in the region. With investments in infrastructure and life enhancing construction projects, Bosch Power Tools grew strongly. This was further bolstered by an expanded range of cordless tools and accessories. Bosch's Home Comfort division saw growth driven by the expansion in the Food & Beverage and Hospitality sectors. This led to an increasing demand for energy- efficient products like Electric Steam and Hot Water Boilers, which meet the market's need to reduce fossil fuel usage and move towards an emission-free, green environment. Bosch Middle East expansion highlights 2024 In 2024, the company marked a major milestone with the successful opening of its new headquarters in the Kingdom of Saudi Arabia, a strategic step that highlights the company's long-term dedication to the region and aligns closely with the forward-looking objectives of Saudi Vision 2030. This expansion reflects Bosch's recognition of Saudi Arabia's proactive approach to economic development and its drive to build a thriving, sustainable economy. In addition, the company recently announced the upgrade of its state-of-the-art office in the UAE and is gearing up for the inauguration of its new office in Oman. Continuous investment in the region With government and private investments accelerating industrial transformation, smart cities, smart mobility, and sustainability initiatives across the region, we foresee growth opportunities in Industrial Technology, Energy and Building Technology, and Mobility. In the Industrial Technology business sector, the Bosch Manufacturing Group is heavily investing in turnkey solutions to boost production efficiency, automation and digital connectivity, fostering smart factories in line with regional adoption of Industry 4.0 technologies. By enabling the development of smart factories, Bosch is helping to drive productivity gains while supporting sustainability objectives, positioning itself as a key enabler of the region's ambitious industrial growth plans under Vision 2030. Given the region's construction boom, together with advances in energy efficiency and sustainability, the Energy and Building Technology business sector is also set for future growth. The region's target of building approximately 3 million new homes in Saudi Arabia alone underscores the immense demand for smart, energy-efficient building technologies. Bosch's expertise in connected building solutions aligns with these goals, supporting energy conservation, indoor air quality, and intelligent climate control systems. Bosch Mobility's solutions portfolio – from automotive components to advanced driver assistance systems and connected mobility – meets the evolving needs of Saudi Arabia and the UAE as they invest heavily in smart mobility infrastructure. Bosch's solutions enable safer, more efficient, and environmentally friendly transportation systems, which are integral to the region's goal of reducing carbon emissions and enhancing quality of life through intelligent mobility. Bosch Group: Outlook and strategic direction for 2025 The Bosch Group is continuing with its ambitious Strategy 2030 to strengthen its competitive position, even though the market environment was a significant brake on growth last year: at 90.3 billion euros, the supplier of technology and services generated 1.4 percent less sales revenue in 2024 than in the previous year, or 0.5 percent less after adjusting for exchange-rate effects. The EBIT margin from operations was 3.5 percent. 'In the 2024 fiscal year, we achieved important improvements in terms of costs, structures, and portfolio,' said Stefan Hartung, chairman of the board of management of Robert Bosch GmbH. With a normal inflation rate of between 2 and 3 percent, Bosch aims to achieve annual growth of between 6 and 8 percent on average until 2030. In the first quarter of the year, Bosch increased its sales revenue by 4 percent compared to the previous year. The Bosch Group is still aiming for a target margin of 7 percent in 2026, viewing this as extremely challenging given current market conditions. To remain successful amid changing markets and technologies, Bosch will continue to work intensively on costs and structures and focus on profitable business areas. 'As a global technology leader, we are fully committed to boldly playing to our strengths, such as our high level of innovativeness,' Hartung said. The company also sees its collaboration with startups as a major stimulus for growth. As one of Europe's biggest corporate venture-capital investors, the Bosch Group announced a new fund for venture capital: the subsidiary Bosch Ventures is providing around 250 million euros. Bosch expects developments in its core Mobility business sector, particularly in electromobility, hydrogen, and software-defined vehicles, to be a major stimulus for growth. In the Consumer Goods sector, Bosch sees significant growth opportunities arising from new customer requirements. The focus for power tools is on expanding the range of cordless devices, and BSH Hausgeräte is launching a fridge-freezer this year that is the first Matter-capable home appliance on the market. In its Industrial Technology business, Bosch expects order intake to stabilize and is still pursuing the goal of achieving sales revenue of around 1 billion euros by the beginning of the next decade with software and digital services such as the Hydraulic Hub. Additionally, factory automation is set to focus on growth areas such as battery, semiconductor, and consumer goods production. In the Energy and Building Technology sector, Bosch expects the planned acquisition of the heating, ventilation, and air-conditioning (HVAC) business of Johnson Controls and Hitachi to deliver significant growth. Despite all the global turbulence, climate action remains a core concern for Bosch. The company is underlining this with new scope 3 targets, which aim to bring down carbon emissions outside Bosch's direct sphere of influence, such as those from product use, even further by 2030. Irrespective of its growth targets, Bosch wants to double its corresponding CO2 reduction target by then from 15 to 30 percent compared to 2018. 'Climate change won't disappear just because the global economy currently has other challenges to deal with,' Hartung cautions. 'Sustainability remains a priority for Bosch.'
Arabian Post
a day ago
- Arabian Post
UAE Hits Milestone with EU Delisting From High‑Risk Financial Watchlist
Arabian Post Staff -Dubai European Parliament approved the removal of the United Arab Emirates from its 'high-risk third countries' list for money laundering and terrorist financing, a decision aligned with its earlier removal by the Financial Action Task Force in February 2024 and marking a pivotal regulatory victory. This shift reduces the compliance burden on trade and financial flows, enhancing Abu Dhabi's ambitions to deepen ties with Brussels and attract global investors. Parliament's vote endorsed the European Commission's update to the list, which also saw the UAE's delisting alongside jurisdictions like Gibraltar, Barbados and Panama, while new entries such as Monaco and Kenya were added. The move followed intense technical dialogue between Emirati authorities and EU institutions, satisfying the bloc's concerns with enhanced cooperation on financial intelligence sharing and asset recovery. ADVERTISEMENT Mohamed bin Hadi Al Hussaini, the Minister of State for Financial Affairs, described the decision as a 'strategic milestone' that underscores global recognition of the UAE's robust framework. He emphasised that this represents a shift toward positioning the UAE as a transparent, resilient and globally trusted financial centre – a foundation for attracting sustained investment. These reforms follow a sweeping crackdown on non-compliance, with over AED 339 million in fines levied by the Central Bank on exchange houses, banks and insurers. The fines were part of a wider national strategy enacted under Federal Decree‑Law 20/2018 and its amendments, stretching regulatory oversight to real estate, precious metals, auditing and digital asset sectors. Hamid Saif Al Zaabi, Secretary‑General of the National Anti‑Money Laundering and Combating the Financing of Terrorism Committee, told WAM that the EU's removal affirms successful system‑wide integration across public and private sectors. He described the outcome as the result of a sustained national strategy dating back to 2014, supported by Cabinet-approved action plans and ongoing capacity‑building initiatives. Despite commendations for its progress, Transparency International cautioned that delisting should not be interpreted as full clearance. The organisation noted persistent challenges in real estate safeguards and oversight of politically exposed persons, calling for ongoing vigilance and structured dialogue. Financial experts note that removal from the EU's list could yield significant economic dividends. The International Monetary Fund estimates capital inflows may surge by as much as 7.6 per cent of GDP, with foreign direct investment potentially rising by around 3 per cent. Gulf region analysts view delisting as unlocking smoother trade with Europe across sectors such as renewable energy, fintech and digital infrastructure. Diplomatic messaging framed the delisting as a mutual strategic victory. UAE Minister Ahmed bin Ali Al Sayegh called it 'independent recognition' of Abu Dhabi's dedication to high international standards. EU Ambassador to the UAE Lucie Berger described it as deepening trust and advancing a shared commitment to economic safeguard and global security. Simultaneously, EU trade officials suggested that the move removes political and regulatory barriers ahead of ongoing free trade agreement negotiations with the UAE. While the FATF had cleared the UAE in early 2024, the EU's delayed action mirrored its own rigorous oversight cycle. In March 2023, the EU flagged the UAE for strategic deficiencies before launching a renewed process that incorporated enhanced inter-agency cooperation and legal reform. Next on the UAE's reform agenda is ensuring resilience in emerging risk domains such as cryptocurrency laundering and cross-border terror financing. Analysts emphasise that maintaining international trust will require sustained enforcement, legislative updates scheduled for later this year and deeper public–private collaboration.
