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Gulf Navigation Holding PJSC (GULFNAV), a maritime and shipping company listed on the Dubai Financial Market, reported a net profit of AED 21 million in 2023, a significant turnaround from a net loss of AED 7.6 million in 2022. The company's gross profit reached AED 9.6 million, predominantly driven by the chartering business. Total assets were AED 1 billion, up from AED 785 million in 2022. Shareholders' equity increased by 42% to AED 596 million. However, gross revenues from operations fell by 23% to AED 106 million, due to necessary vessel repairs and dry docking. Other revenue and income rose by 64% to AED 33 million due to resource management and restructuring. The company also reduced operating costs by 18% and financing costs by 32%.

On 29 March 2024, the Islamic Arab Insurance Co. – SALAMA P.S.C held a board meeting with six members in attendance, achieving an 86% quorum. The board approved the minutes of the previous meeting and the audited financial results for the fiscal year ending 31 December 2023. They also decided to recommend the appointment of external auditors for 2024 and the approval of the 2023 Corporate Governance report to the General Assembly. Furthermore, they resolved to propose amendments to the company's articles of association to comply with the latest laws and regulations. Other general matters were also considered. The results were signed off by Khaled Barakat.

The text pertains to the consolidated financial statements of Gulf Navigation Holding PJSC and its subsidiaries for the fiscal year ending on December 31, 2023.