ASYAD Shipping’s 31% Profit Surge in 2024: What It Means for Investors and Business Owners in Oman
Muscat – ASYAD Shipping has reported a strong financial performance for 2024, with profits increasing by 31 percent compared to 2023. The company’s total assets have reached RO1 billion, underscoring its balanced investment strategy and sustainable operations built over more than two decades.
The company operates a diverse fleet of over 86 vessels, including very large crude carriers (VLCCs), container ships, bulk cargo ships, and natural gas carriers, with activities spanning more than 60 countries worldwide.
Dr. Ibrahim bin Bakhit Al Nadhairi, CEO of ASYAD Shipping, highlighted the company’s robust financial and operational outcomes for 2024. Net profits climbed to RO51.5 million (approximately USD 133.9 million), reflecting a 31 percent growth year-on-year. He attributed this success to ASYAD Shipping’s efficient operations and adaptability amid ongoing global market challenges. However, he noted that the shipping sector is expected to remain impacted by economic and geopolitical uncertainties in the coming year.
Revenues increased modestly by 1 percent to RO366.1 million (about USD 951 million), driven by a strategic shift towards fixed-term contracts that have bolstered financial stability. The VLCC and petrochemical tanker segments remained the primary revenue contributors, generating over half of the annual total.
Total profits rose by 28 percent to RO105.9 million (USD 275.2 million), while operating profits saw a 33 percent increase, reaching RO86.9 million (USD 225.7 million). These gains were supported by operational efficiencies and optimized market investment opportunities.
In support of local economic development, ASYAD Shipping awarded contracts exceeding RO13 million (roughly USD 34 million) to local businesses, focusing on empowering small and medium enterprises. The company also created 122 direct employment opportunities for Omani seafarers and implemented training programs to enhance national maritime skills. The Omanization rate at ASYAD Shipping improved to 90.6 percent, reflecting the company’s commitment to nurturing qualified national talent.
Environmentally, ASYAD Shipping has made significant strides by implementing low-carbon transportation initiatives, achieving a 6 percent reduction in emissions and a 5 percent improvement in fuel efficiency compared to the previous year. These advancements form part of the company’s broader digital transformation and sustainability efforts.
Looking ahead, ASYAD Shipping is expanding its fleet with modern, technologically advanced vessels that comply with global standards for efficiency and environmental sustainability. Additionally, the company is advancing its digital logistics systems to improve operational efficiency and deliver innovative solutions to customers.
Dr. Al Nadhairi reaffirmed ASYAD Shipping’s dedication to investing in national talent development through advanced training while expanding the adoption of eco-friendly maritime technologies, aiming to enhance its global competitiveness and secure long-term business sustainability.
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ASYAD Shipping’s 31% profit growth and strategic shift towards fixed-term contracts highlight robust financial resilience amid global uncertainties, presenting a blueprint for stability in volatile markets. For businesses and investors, this signals expanding opportunities in sustainable maritime logistics and local content empowerment, with ASYAD’s focus on Omanization and low-carbon initiatives underscoring the growing value of innovation and national talent development in Oman’s evolving shipping sector.
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