Asyad Shipping’s 31% Profit Surge in 2024: Key Insights for Investors and Business Owners in Oman
MUSCAT: Asyad Shipping has announced remarkable results for 2024, reporting a 31 percent increase in profits compared to the previous year. The company’s total assets have reached RO 1 billion, underscoring its strategic investment approach and over two decades of sustainable operations.
With a fleet of over 86 vessels, including very large crude carriers (VLCCs), container ships, bulk carriers, and LNG tankers, Asyad serves more than 60 countries worldwide. CEO Dr. Ibrahim bin Bakhit al Nadhiri reported net profits of RO 51.5 million ($133.9 million), a significant increase reflecting the company’s resilience amid global market challenges.
Revenues saw a modest rise of 1 percent, totaling RO 366.1 million ($951 million), driven by a transition to fixed-term contracts that enhanced financial stability. The VLCC and petrochemical tanker segments were the primary revenue contributors, accounting for over half of total earnings.
Gross profits increased by 28 percent, amounting to RO 105.9 million ($275.2 million), while operating profits rose 33 percent to RO 86.9 million ($225.7 million), supported by improvements in operational efficiency and strategic market investments.
In 2024, Asyad Shipping awarded local contracts worth over RO 13 million ($34 million), emphasizing its commitment to empowering small and medium enterprises (SMEs) and contributing to the national economy. The company has created 122 jobs for Omani seafarers and has implemented training programs to enhance local maritime expertise.
The Omanisation rate has reached 90.6 percent, reflecting Asyad’s dedication to nurturing skilled national talent in alignment with Oman Vision 2040.
On the sustainability front, Dr. Al Nadhiri announced that the company successfully reduced emissions by 6 percent and improved fuel efficiency by 5 percent compared to 2023. These achievements were made possible through low-carbon transport initiatives and digital transformation efforts.
Asyad Shipping continues to expand its fleet with modern, technologically advanced vessels that comply with international standards while enhancing its digital logistics systems to boost efficiency and offer innovative solutions to customers. The company remains committed to investing in Omani talent and environmentally friendly maritime technologies, ensuring long-term growth and global competitiveness. — ONA
Special Analysis by Omanet | Navigate Oman’s Market
As Asyad Shipping reports a remarkable 31% profit increase and a focus on SMEs, this presents significant opportunities for both investors and local entrepreneurs aiming to harness maritime and logistics sectors. However, the reliance on fixed-term contracts and rising operational costs may pose risks, urging businesses to adapt strategically and enhance efficiency. Smart investors should now consider aligning with sustainable practices and Omani talent development, positioning themselves for future growth in line with Oman Vision 2040.
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