Asyad Shipping sees 31% profit surge in 2024

MUSCAT: Asyad Shipping has reported exceptional results for 2024, with profits rising by 31 per cent compared to 2023. The company’s total assets have reached RO 1 billion, reflecting its prudent investment strategies and over two decades of sustainable operations.
Its fleet of more than 86 vessels includes very large crude carriers (VLCCs), container ships, bulk carriers, and LNG tankers, serving over 60 countries worldwide. CEO Dr Ibrahim bin Bakhit al Nadhiri said the company posted net profits of RO 51.5 million ($133.9 million), a 31 per cent increase year-on-year, underlining its resilience and adaptability to global market challenges.
Revenues rose 1 per cent to RO 366.1 million ($951 million), driven by a shift towards fixed-term contracts that bolstered financial stability. The VLCC and petrochemical tanker segments remained the top earners, accounting for more than half of annual revenues.
Gross profits grew 28 per cent to RO 105.9 million ($275.2 million), while operating profits rose 33 per cent to RO 86.9 million ($225.7 million), aided by operational efficiency and strategic market investments.
In 2024, Asyad Shipping awarded local contracts worth over RO 13 million ($34 million), with a strong focus on empowering SMEs and contributing to the national economy. The company also created 122 jobs for Omani seafarers and offered training programmes to strengthen local maritime expertise.
The Omanisation rate reached 90.6 per cent, highlighting Asyad’s commitment to building skilled national talent in line with Oman Vision 2040.
On the sustainability front, Dr Al Nadhiri said the company cut emissions by 6 per cent and improved fuel efficiency by 5 per cent compared to 2023, through low-carbon transport initiatives and digital transformation efforts.
Asyad Shipping is expanding its fleet with modern, technologically advanced vessels meeting international standards, while enhancing its digital logistics systems to improve efficiency and offer innovative customer solutions. The company remains committed to investing in Omani talent and environmentally friendly maritime technologies, ensuring long-term growth and global competitiveness. — ONA