Asyad Shipping listed on MSX
Asyad Shipping Company (Asyad Shipping) or ASC ), today, was successfully listed on the Muscat Stock Exchange (MSX) following the completion of its IPO.
The Company raised RO128.1 million (equivalent to $332.8 million) from domestic and international investors.
The bell ringing ceremony took place at 10 am this morning at the MSX, with the trading of Asyad Shipping's shares commencing under the ticker symbol ASCO. A total of 1,041,748,856 ordinary shares were offered to investors, representing 20 percent of the company's total issued share capital.
The offer price was set at 123 baizas per share, with Asyad Shipping's market capitalization at approximately RO641 million ($1.66 billion). The Company has established a robust dividend policy, demonstrating its commitment to shareholder returns.
The Company intends to declare a dividend of $58.0 million (approximately RO22.3 million) payable in March 2025 and a dividend of $75.0 million (approximately RO29.0 million) payable in September 2025.
Looking ahead, based on projected performance for the year ending December 31, 2025, the company expects to declare a dividend of $75.0 million (approximately RO29.0 million), payable in March 2026.
In 2026, the company expects to declare a fixed annual dividend of $150.0 million (approximately RO58.0 million), 50 percent of which, amounting to $75.0 million (approximately RO29.0 million), is expected to be paid in September 2026 based on the Company's performance for the six months ending 30 June 2026, and the remaining 50 percent of which, amounting to $75.0 million (approximately RO29.0 million), is expected to be paid in March 2027 based on the Company's performance
for the year ending 31 December 2026.
In 2027, the Company expects to declare a dividend based on 95 percent of the audited net income for the year ending 31 December 2027. The Company expects to pay 50 percent of this dividend in September 2027 and 50 percent in March 2028.
Dr. Ibrahim bin Bakhit al Nadhairi, CEO of Asyad Shipping, said: 'I am incredibly proud to see Asyad Shipping listed on the Muscat Stock Exchange. Since our establishment in 2003, our journey has been marked by sustainable growth and global expansion, and we have successfully built one of the world's largest diversified shipping companies, leveraging Asyad Group's advanced infrastructure. As we look towards the future as a public company, we remain committed to supporting Oman's economic development, expanding our global operations, and creating value for our investors and partners by continuously seeking out new growth opportunities.'
Asyad Shipping's public listing on the MSX allows domestic and international investors to invest in one of the world's largest diversified maritime shipping companies and a key player in the Omani economy.
Haitham Salim Al Salmi, CEO of Muscat Stock Exchange, said, 'The listing of Asyad Shipping, a subsidiary of Asyad Group, on the Muscat Stock Exchange is an important
step towards reinforcing the Exchange's position and opens new investment opportunities in the diversified maritime transport and shipping industry. Asyad Shipping is the first company to lists on the MSX this year, a valuable addition to the logistics sector on the Exchange. This listing elevates the market capitalization of the Exchange to approximately OMR 27,831,000,000, and the company will be one of the ten largest listed companies on the Exchange. Asyad Shipping's listing is aligned with the
Oman Investment Authority's strategy to divest from some government assets, to support the economic diversification efforts and to achieve the objectives of Oman Vision 2040.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Observer
a day ago
- Observer
MSX market cap surpasses RO 28 billion
MUSCAT: The market capitalisation of the Muscat Stock Exchange (MSX) climbed to over RO 28 billion last week, supported by weekly gains of RO 79.3 million as several stocks ended higher. The MSX's main index closed at 4,578 points, up 17 points, maintaining the momentum seen over the past five weeks. The services sector index gained 5 points, driven by strong performances from Ooredoo, Omantel and OQ Gas Networks. In contrast, the industrial and financial sector indices dropped by 17 and 10 points, respectively, while the Shariah index recorded a marginal decline. The daily trading volume increased to RO 11 million, up from RO 10 million the previous week. The average daily number of transactions also rose, reaching 2,149 compared to 1,787. Trading was limited to four days due to the Eid Al Adha holiday. OQ Base Industries dominated activity with trades worth RO 10.58 million — 24 per cent of the week's total trading value of RO 44 million. Its share price rose by 4 baisas to close at 122 baisas. Bank Muscat followed with RO 5.49 million in trades, while OQ Gas Networks, Sohar International Bank, and OQ Exploration and Production rounded out the top five most traded stocks. Market performance remained buoyant with 34 securities gaining, 30 losing and 17 remaining unchanged. Muscat Gases posted the highest weekly gain at 18 per cent, closing at 118 baisas. Galfar Engineering rose 9 per cent to 72 baisas, while National Gas gained 8.8 per cent to 86 baisas. National Gas Company also announced the acquisition of an 80-per cent stake in Samharam Gas Company, which operates LPG bottling and distribution in Dhofar. The deal is expected to enhance the company's market position and profitability. In corporate news, Al Anwar Investments reported a surge in net profits from RO 532,000 to approximately RO 2.4 million for the fiscal year ending on March 31, 2025. Its board approved a 4-per cent cash dividend and a 4-per cent bonus share issue, subject to approval at the AGM on June 25. The share closed last week at 83 baisas, down 2 baisas. — ONA
Times of Oman
01-06-2025
- Times of Oman
Muscat Stock Exchange posts its first monthly gain in May
Muscat: Oman's Muscat Stock Exchange (MSX) 30 Index recorded its first monthly gain following four consecutive declines, posting a 5.7% increase in May-2025 and closing the month at 4,561.0 points, according to a new report. 'In terms of sectoral performance, all three sectors on the exchange recorded gains during the month, led by the Industrial Index, which posted a 10.1% rise,' the Kuwait-based Kamco Invest said in its latest GCC Markets Monthly Report May 2025. 'This was followed by the Services Index, which registered a gain of 5.7%, while the Financial Index recorded a moderate growth of 3.9%, closing the month at 7,942.0 points,' the report further added. Double-digit share price gains among Financial Index constituent companies such as Muscat Finance (+12.8%) and Global Financial Investment Company (+23.8%) supported the overall performance of the Financial Index during the month. Similarly, strong double-digit share price increases by several companies in the Industrial Sector, including Oman Cement Company (+26.8%) and Oman Cables Industry (+16.5%), fueled the notable rise in the Industrial Index during May-2025. The monthly stock performance chart was led by Al Maha Ceramics Co, which recorded a gain of 53.0%, followed by Oman Chromite Co. and Oman Cement Co., which posted gains of 30.2% and 26.8%, respectively. On the decliners' side, Majan Glass Co. registered the largest drop, falling by 33.3%, followed by Salalah Mills and Barka Water and Power, which recorded declines of 16.6% and 15.4%, respectively. Trading activity on the exchange witnessed a significant increase during May-2025. The total volume of shares traded surged by 42.2% to reach 941.9 million in May-2025, compared to 662.1 million in April-2025. Similarly, the total value traded rose by 47% to OMR148.4 million, up from OMR100.9 million recorded in April-2025. OQ Exploration & Production topped the monthly value traded chart with OMR22.9 million worth of shares changing hands, followed by OQ Base Industries and Bank Muscat with values traded at OMR21.6 million and OMR20 million, respectively. In terms of monthly volume traded, OQ Base Industries led with 239.7 million shares, followed by Sohar Bank and OQ Gas Networks, which recorded volumes of 128.1 million shares and 110.3 million shares, respectively. In economic news, Oman's Q1-2025 public revenues declined by 7% to reach OMR2.6 billion, compared to OMR2.8 billion during the same period in 2024, according to data released by the Sultanate's Ministry of Finance. The decline in revenue was primarily attributed to a reduction in hydrocarbon receipts, as net oil revenue fell by 13% year-on-year to OMR1.4 billion, down from OMR1.7 billion in Q1-2024. Additionally, net gas revenue registered a 2% decline, amounting to OMR725 million in Q1-2025, compared to OMR744 million in Q1-2024. On the expenditure side, Oman's public spending increased by 4% in Q1-2025 to reach OMR2.8 billion, compared to OMR2.7 billion during Q1-2024. The increase was largely driven by higher development expenditures compared to the corresponding period in 2024. Overall, Oman's current spending amounted to OMR2 billion in Q1-2025, against current revenues of OMR725 million during the quarter. Development spending by the Sultanate's ministries and government entities reached OMR254 million by the end of Q1-2025, representing approximately 28% of the total development budget of OMR900 million allocated for the full year 2025. Meanwhile, subsidies allocated to Oman's social protection system and petroleum products amounted to OMR144 million and OMR27 million, respectively, as of the end of Q1-2025. GCC markets Equity markets in the GCC region remained volatile during May-2025 replicating the trend in the broader global financial markets, Kamco Invest said in its latest report. Almost all markets in the region witnessed gains during the month, but a 5.8% decline in the TASI dragged the MSCI GCC index into the red with a decline of 2.6% during the month. Dubai and Kuwait benchmarks ended with gains of 3.3% and 1.9%, respectively, followed Abu Dhabi with a gain of 1.6%. Gains in Kuwait were mainly led by gains in the BK Premier Market index that more than offset a decline in the Main Market index. In terms of YTD-2025 performance, Kuwait continues to lead in the region with the only market with a double-digit gain of 10.2% followed by Dubai and Abu Dhabi with gains of 6.2% and 2.8%, respectively. The rest of the GCC markets show a YTD decline with Saudi Arabia leading with a fall of 8.7% as was the MSCI GCC Index with a fall of 1.6%. In terms of sector performance, most large-cap sectors registered declines during the month. The Utilities index witnessed the biggest decline of 9.6% followed by Healthcare and F&B with declines of 5.2% and 5.0%, respectively. Sectors like Materials, Real Estate and Banks also registered declines. Gainers were few and was topped by Capital Goods index with an increase of 2.6% followed by Diversified Financials and Transportation indices with gains of 2.2% and 1.1%, respectively. Global markets continued to witness volatility especially given the tariff threats followed by postponements. The MSCI World index witnessed a gain of 5.5% during May-2025 led by gains across key global equity markets. Nasdaq Comp index was the best performing market with a gain of 9.6%.
Observer
17-05-2025
- Observer
Lulu Retail reports $2.1 billion Q1 revenue
MUSCAT: Lulu Retail Holdings PLC ('Lulu' or the 'Company'), the largest and fastest growing pan GCC full line retailer, announced its financial results for the three-month period ended March 31,2025 ('Q1 2025'). KEY HIGHLIGHTS: • Q1 2025 revenue of $2.1 billion, up 7.3% YoY, with like-for-like sales up 3.6% YoY driven by strong sales during Ramadan period and volume growth in certain product categories • EBITDA of $214.1 million, up 6.4% YoY, with EBITDA margin of 10.3%, stable vs. Q1 2024 • Net profit of $69.7m, up 15.8% YoY, with net profit margin of 3.4%, up 25bps vs. Q1 2024 • Good strategic progress with five new stores opened in Q1 2025 including in Makkah and Madinah with the target for 20 new stores in 2025 unchanged • E-commerce sales grew strongly, up 25.3% YoY to $93.4 million; now 4.7% of retail revenue • Strong growth in revenue from Private Label products, up 9.5% YoY; 29.3% of retail revenue • Happiness loyalty program members reached c.6.3 million in Q1 vs. c.5.5 million in FY24; linked to 65% of sales Saifee Rupawala, Chief Executive Officer of Lulu, commented: 'We are pleased to have demonstrated good growth in the first quarter of this year, with revenue up 7.3% YoY. This was underpinned by a combination of like-for-like sales growth, supported by strong trading during the Ramadhan period, and our store rollout programme, which remains well on track with five stores opened in the quarter, in line with our plan to rollout a total of 20 stores in 2025. The first quarter also saw Lulu make good progress on delivering on our overall growth strategy, supported by robust sales in Private Label and e-commerce, which remain key components of our strategy.' 'Looking ahead, we expect our growth momentum to continue as we remain focused on several initiatives under each of our four key pillars, including driving growth in existing store network, opening new stores, driving operational efficiencies and delivering further upside through our private label and e-commerce offerings. Overall, we are pleased with the performance in the first quarter, marking a good start to 2025, and we look forward to continuing to deliver on our strategy throughout the rest of the year.' FINANCIAL SUMMARY Revenue grew a healthy 7.3% YoY to $2.1 billion in Q1 2025 driven by LFL sales growth of 3.6%, supported by strong trading during the Ramadan period. The good revenue performance was also driven by new store openings and high-volume growth across certain product categories, particularly in fresh food and lifestyle products. • Fresh food category revenue grew 7.9% YoY in the first quarter, driven by the Ramadan period, improved consumption trends. • Electrical goods category witnessed revenue growth of 29.0% YoY, mainly due to an increase in sales across higher value items. • Lifestyle products grew 6.9% YoY despite pressure as customers opted for more value products. • Consumer Packaged Goods (CPG) sales grew steadily at 1.4% YoY, with the sales increase mainly driven by strong volume growth, which was partly offset by some pricing pressure as a result of promotional campaigns. • E-commerce remains an important component of Lulu's growth strategy, with sales +25.3% YoY and customer count +26.1% YoY. Segment revenue performance driven by growth across all markets Lulu delivered revenue growth across all segments in Q1 2025, with particularly strong performances in KSA and Oman. • The UAE, Lulu's largest market, recorded a mid-single digit revenue increase of 5.2% YoY, led by particularly strong performance in the fresh food segment, which grew 15.6% YoY. This was further supported by strong e-commerce sales in the UAE which saw robust growth, rising 40.1% YoY, supported by an increase in sales through aggregators. • In the Kingdom of Saudi Arabia, revenue rose by 10.3% YoY, primarily driven by new store openings in last 12 months and strong LFL growth. Other key markets also delivered solid results in Q1 2025, with revenue in Oman increasing 7.8% YoY as a result of strong growth in the electrical goods product category, Qatar up 6.7% YoY following a good trading period during festive season, and Kuwait up 4.8% YoY, with supermarket sales contributing c.50% of overall growth in the region, further supported by a strong uptick in e-commerce sales. Profitability margins supported by cost efficiencies amidst promotional activity Gross profit increased 4.0% YoY to $464.5 million, with gross margins reaching 22.3% in the period, down 70 basis points compared to the prior year. This margin reduction was mainly due to promotional campaigns to drive higher footfall into Lulu stores during the festive period. EBITDA grew 6.4% YoY to $214.1 million, supported by improved operational cost efficiencies, which helped offset the lower gross margin. As a result, Q1 2025 EBITDA margin remained broadly stable at 10.3% compared to 10.4% in Q1 2024. On a post-lease expense basis, EBITDA margin improved by approximately 8 bps, reflecting Lulu's continued operational discipline. Net profit increased by 15.8% to $69.7 million, with net profit margins improving by 25 basis points as a result of stronger EBIT margin and lower interest expense, despite higher taxes in the period. Robust balance sheet During the quarter, net debt decreased to $2.3 billion, with net debt/EBITDA improved from 3.2x in December 2024 to 2.9x at the end of Q1 2025. Excluding lease liabilities, leverage improved from 1.3x to 0.9x over the same period. Strategic progress Lulu continues to make good progress on delivering on its growth strategy, having rolled out five new stores in the period, delivered good LFL growth within its existing stores and also benefitting from further upside opportunities across Private Label and e-commerce sales. During Q1 2025, Lulu opened two hypermarkets and three express stores, adding 22,339 sqm of retail space in the period, with the Company's total retail space up 2% to 1.34 million sqm, as at the end of Q1 2025. Within this, Lulu was pleased to open a 10k+ sqm hypermarket in Makkah and an express store in Madinah, two uniquely located stores with high footfall given the proximity to religious landmark cities in KSA. In addition to the two stores in KSA, Lulu also opened two express stores in the UAE, alongside a Hypermarket in Bahrain. Lulu remains on track with its store roll out plans, with the Company expending to open a total of 20 stores in 2025, with the remaining 15 stores expected to open over the course of the year. Lulu is also pleased to have signed a Memorandum of Understanding (MOU) with The Endowment and Minors Trust Foundation (Awqaf Dubai) for the development of a group of retail stores as part of Dubai's endowment projects. Under the partnership, Lulu will collaborate with Awqaf Dubai on upcoming community projects to develop shopping facilities that will better serve and enhance the retail experience of residents and visitors, while also contributing to Awqaf's broader social and economic objectives. Following the successful roll out of its loyalty program across all regions in 2024, Lulu's Happiness Loyalty programme continues to see good momentum in new members, having added c.904k new members in Q1 2025. Lulu now has a total of c.6.3 million loyalty members enrolled onto the program compared to the c.5.5 million at the end of 2024, with the loyalty program linked to c.65% of sales.
