Asyad Shipping Reports 9% Net Profit Increase in 2025: What This Means for Investors in Oman’s Shipping Sector
Asyad Shipping Reports Robust Financial Results for 2025
Muscat, February 25 — Asyad Shipping, Oman’s national maritime transportation company, announced a noteworthy financial performance for the year ending December 31, 2025. The company recorded a 9% year-on-year increase in net profit, bolstered by strong operating margins and high fleet utilization, despite ongoing volatility in global shipping markets. These results were submitted to the Muscat Stock Exchange (MSX) on Wednesday.
Net profit after tax rose to RO 56.4 million in 2025, up from RO 51.6 million in 2024. This growth was driven by effective cost management, portfolio optimization, and a young, efficient fleet. Gross revenue decreased to RO 336.4 million from RO 366.1 million in the previous year, reflecting softer freight market conditions, while EBITDA reached RO 205.4 million, resulting in a strong EBITDA margin of 61%.
The company demonstrated a significant improvement in cash generation, with net cash from operations climbing to RO 197.2 million, up from RO 155.5 million in 2024. Cash reserves also increased to RO 164.0 million by December 31, 2025, compared to RO 139.7 million in the previous year. Net debt rose to RO 562.5 million, primarily due to fleet expansion, with a net debt to EBITDA ratio of 2.7x, which remained within the management’s targeted range. Additionally, Asyad Shipping highlighted contracted revenue totaling $2.2 billion, extending beyond 2030, which offers long-term cash-flow visibility.
Dr. Ibrahim Al Nadhairi, Chief Executive Officer, commented on the results: “At the time of our IPO, we articulated a focused growth strategy centered on disciplined fleet expansion and renewal, as well as business optimization. We have successfully executed this strategy, investing in 16 modern vessels while divesting six older vessels, thereby enhancing our fleet’s average age to just over seven years, which improves our competitiveness and long-term earnings capacity.”
Operational performance remained robust amid challenging market conditions, with fleet utilization averaging 97% in 2025, compared to 99% in the previous year. The company also reported zero lost-time incidents, zero major incidents, and zero ship detentions, indicative of a strong operational discipline and risk management culture.
In 2025, Asyad Shipping acquired two Very Large Crude Carriers (VLCCs) for a total of RO 79.3 million, both of which were delivered in mid-2025 and placed on time-charter contracts. Furthermore, the company strengthened its dry-bulk segment with an RO 80.5 million investment in three Newcastlemax vessels, each secured by 10-year contracts of affreightment, set for delivery in early 2026. As part of its fleet renewal program, the company divested one aging VLCC and four older LNG vessels for a total of RO 65.4 million.
At the end of 2025, the total fleet consisted of 91 vessels, including 80 operational vessels, eight under construction, and three second-hand vessels expected for delivery.
Looking to the future, Dr. Al Nadhairi stated, “While 2025 saw significant strategic and operational progress, it also faced headwinds associated with fluctuations in the global shipping cycle. Despite these conditions, our business demonstrated resilience.” He added that an additional 11 vessels are scheduled for delivery in 2026 and 2027, with a substantial portion already contracted.
The company anticipates distributing dividends of RO 57.8 million and has increased its long-term growth capital expenditure guidance to RO 1.4 billion through 2030, reinforcing its strategy of balancing contracted income with selective exposure to spot markets to capitalize on future opportunities.
Special Analysis by Omanet | Navigate Oman’s Market
Asyad Shipping’s robust 9% increase in net profit amidst volatile global shipping markets signals a resilience that businesses in Oman can emulate, suggesting a strong foundation for growth in challenging environments. The company’s long-term contracted revenue of $2.2 billion extending through 2030 presents significant opportunities for investors, particularly in sectors aligned with sustainable growth and fleet expansion. Smart investors should focus on sectors benefiting from strong operational discipline and strategic asset management to leverage these market dynamics for future gains.
