UAE-based shipping company Gulf Navigation (Gulfnav) saw its bottomline boosted 410% y-o-y to AED 23.8 mn in 2023, compared with AED 4.7 mn the year prior, according to a preliminary 2023 earnings release (pdf). The period also saw Gulfnav’s topline drop 21% y-o-y to AED 108 mn, the disclosure noted.

The story behind the numbers: The company attributed the fall in revenues to the maintenance and dry docking of vessels in its fleet, while also noting that improved operations in the company’s vessel chartering business boosted bottomlines.

Gulfnav had a good year: GulfNav and Monaco-based Scorpio Services Holding set up a Dubai-based JV to deliver vessel management solutions for regional clients, in December of last year. The company also carried out an AED 638k capital reduction via shares cancellation the previous May. The company also sold a USD 27 mn petrochemical tanker to Classical Oil Field Chemicals (FZCO) that same month to pay off an USD 11.7 mn loan and boost its liquidity.

JAZEERA AIRWAYS-

Kuwaiti budget airline Jazeera Airways has reported a net income drop of 69.5% y-o-y in 4Q down to KD 6.13 mn, according to a statement. The airline’s operating revenues grew by 8.8% y-o-y to KD 198 mn, and its load factor rose to 78.2% from 77% the prior year. The airline’s market share in Kuwait increased to 36.24%.

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