Asyad Shipping net profit jumps to RO 67.6 million

MUSCAT, NOV 10
Asyad Shipping’s nine-month net profit more than doubled as stronger freight rates, new vessel deliveries and lower direct costs lifted earnings, while investment in fleet renewal pushed debt higher.
The Muscat-listed company reported net profit after tax of RO 67.6 million for the nine months ended September 30, up 107% from RO 32.6 million a year earlier, according to its unaudited results released on November 10.
Revenue increased 10% to RO 277.4 million, with growth across crude, product, dry bulk and liner shipping more than offsetting a decline in gas shipping following the sale of older vessels.
“Our nine-month results show our strategy delivering,” Chief Executive Officer Dr Ibrahim al Nadhairi said.
“Revenue has grown in every quarter of 2026, and the third quarter was our strongest of the year as the vessels delivered under our fleet renewal programme began to contribute.”
Third-quarter net profit rose 132% year on year to RO 28.8 million, while revenue climbed 19% to RO 105.1 million. Compared with the second quarter, profit increased 26% and revenue rose 11%.
The results reflect a combination of stronger market earnings and a shift towards modern vessels backed by longer-term contracts. Asyad Shipping had $2.7 billion in contracted revenue extending to 2030 and beyond at the end of September.
Earnings before interest, tax, depreciation and amortisation rose 20% to RO 183.1 million, with the EBITDA margin widening to 66% from 60%. The company’s EBITDA measure includes gains or losses on asset sales.
Direct costs fell 4% to RO 178.5 million, mainly because of lower short-term vessel hire expenses and reduced vessel operating costs. Operating profit increased 67% to RO 85.7 million, including a RO 2.4 million gain on vessel and equipment disposals.
“We also benefited from stronger freight rates in Crude and Liner Shipping, where our flexible approach to employing our fleet allowed us to capture favourable market conditions,” Al Nadhairi said.
Crude shipping revenue rose 20% to RO 87.8 million, while segment profit increased 135% to RO 32.9 million, supported by stronger rates, a new tanker and a vessel disposal gain.
Liner shipping revenue increased 37% to RO 49.2 million, with profit rising almost fivefold to RO 17.9 million. The company said regional disruption had reinforced the Sultanate of Oman’s position as a gateway to the Gulf, prompting increased service frequency.
Dry bulk revenue rose 24% to RO 48.9 million, supported by vessels operating under 10-year contracts with Vale and additional deliveries. Product shipping revenue increased 10% to RO 74 million.
Gas shipping revenue, however, fell 52% to RO 17.1 million after five older liquefied natural gas carriers were sold. Both replacement LNG carriers are now operating under long-term contracts with Oman LNG.
Ten vessels joined the fleet during the period. At September-end, the company operated 81 vessels, comprising 51 owned and 30 chartered-in ships, with another 16 vessels on order.
Investments in vessels, property and equipment doubled to RO 316.9 million, helping push net debt, including lease liabilities, to RO 728.4 million from RO 562.5 million at end-2025.
Net debt to EBITDA stood at 3.1 times, down from 3.3 times in June but above 2.7 times a year earlier. Outstanding capital commitments totalled RO 378.4 million.
Operating cash flow increased 5% to RO 156.7 million, while fleet utilisation remained high at 98.1%.
Five more vessels are due in the fourth quarter, four already contracted, providing further capacity for earnings growth.
“Given the continued uncertainty in shipping markets, we remain focused on the factors we can control operating safely, allocating capital with discipline and building our contracted earnings base,” Al Nadhairi said.