2 days ago
ASYAD Shipping profit grows 31% in 2024
Muscat - ASYAD Shipping has announced its financial performance in 2024, recording a 31 percent growth in profits compared to 2023.
Its total assets reached RO1 billion, reflecting its balanced investment strategies and the sustainability of its operations spanning more than two decades.
The company boasts a diverse fleet of more than 86 vessels, including very large crude carriers, container ships, bulk cargo ships, and natural gas carriers, with operations spanning more than 60 countries worldwide.
Dr. Ibrahim bin Bakhit al Nadhairi, CEO of ASYAD Shipping, said that the company achieved strong financial and operational results in 2024, with net profits reaching RO51.5 million (equivalent to USD 133.9 million), recording a 31 percent growth compared to 2023.
This reflects the company's efficient performance and flexibility in adapting to global market challenges. He pointed out that the shipping market is expected to continue to be affected by global economic and geopolitical challenges this year.
He said that revenues rose to RO366.1 million (equivalent to $951 million), a 1 percent increase compared to last year, as a result of redirecting the investment portfolio towards fixed-term contracts, which contributed to enhancing financial stability.
He explained that the VLCC and petrochemical tanker sectors continued to be the main sources of revenue, contributing more than half of the total annual revenues.
The CEO of ASYAD Shipping Company said that the company recorded a 28 percent growth in total profits to reach RO105.9 million ($275.2 million), while operating profits increased by 33 percent to RO86.9 million ($225.7 million), thanks to improved operational efficiency and optimal investment of market opportunities.
He stressed that ASYAD Shipping continued its efforts to support local content during 2024, awarding local contracts worth more than RO13 million (equivalent to RO34 million), with a clear focus on empowering small and medium enterprises and enhancing their role in the national economy. It also contributed to providing 122 direct job opportunities for Omani seafarers, in addition to implementing training programs to develop national competencies in the maritime sector.
He pointed out that the Omanization rate at the company reached 90.6 percent, a step that reflects ASYAD Maritime Transport's drive to build a qualified national human capital base.
Dr. Ibrahim Al Nazairi said that ASYAD Shipping continued to implement low-carbon transportation initiatives, contributing to a 6 percent reduction in emissions and a 5 percent improvement in fuel efficiency compared to the previous year, as part of its efforts towards digital transformation and environmental commitment.
He pointed out that ASYAD Shipping is expanding its fleet by adding modern, technologically advanced vessels that meet global efficiency and sustainability standards. It is also developing its digital logistics system to enhance operational efficiency and provide innovative solutions to customers.
The CEO of ASYAD Shipping Company stated that the company continues to invest in developing national talent through advanced training and qualification programs, in parallel with expanding the application of environmentally friendly maritime transport technologies, thus enhancing its global standing and ensuring the long-term sustainability of its business.
