Asyad Group set for stellar financial performance in 2019

Business Reporter –
The 14 subsidiaries of Asyad Group operating across the port, shipping, maritime, transportation and logistics sectors of the Sultanate are projected to deliver impressive growth of around 23 per cent for 2019, the Group Chief Executive Officer stated here yesterday.
Abdulrahman al Hatmi (pictured) said the Group — positioned as the transport and logistics flagship of the Sultanate — continues to build on its strategic goals to elevate Oman into the ranks of the world’s leading logistics-centric economies.
“Asyad has delivered rapid growth in the last six months due to sales increases and new revenue streams, resulting in a EBITDA growth of 14 per cent and a forecast of 23 per cent growth overall for 2019. I am pleased to say that 2019 is set to deliver our best Group financial performance to date,” he stated.
The Group CEO was speaking at a groupwide employee meeting — branded as ‘Majlis Asyad’ — hosted by the Leadership Team at the Oman Convention and Exhibition Centre yesterday. Majlis Asyad was designed to showcase the Group’s strong performance from the first half of 2019 and outline keynote initiatives for the second half of the year. The event was attended by 500 employees and stakeholders from across the Group.
Improvements in operational efficiency across the Group are expected to deliver $100 million in savings, he said.
Outlining the key achievements of Group companies, Al Hatmi said Sohar Port, Salalah Port and Port of Duqm — all subsidiaries of Asyad Group — are forecast to see 27 per cent growth in bulk volumes and 14 per cent growth in container volumes in 2019. All three ports have ambitious plans for expansion, he said.
Foreign Direct Investment in Sohar and Salalah free zones, also Asyad Group members, is projected to top $500 million in 2019, well above the inflows achieved in 2018.
Oman Drydock Company (ODC), which operates a world-class ship repair and maintenance yard at Duqm reached an organisational first, servicing 19 ships in one day, said the Group CEO.
Khazaen Economic City has opened up 52 million sq metres of its sprawling hub in Barka to the first international tenants.
Likewise, Oman Post — part of Asyad Group — has seen on-time deliveries soar to 95 per cent, with 85 per cent of customers expressing satisfaction with its services.
Mwasalat, the operator of the Sultanate’s bus transportation system, handled a record 43,000 passengers on a single day. Passenger numbers are projected to rise by 50 per cent year-on-year, according to Al Hatmi.
National Ferries Company (NFC), which operates the nation’s high-speed catamaran-based coastal transportation service, has achieved cost reductions of around RO 500,000 annually over the last five years, while boosting Omanisation to 81 per cent across the company.
A shipping line operated by one of the Group companies plans to carry 1 million TEUs of containers by 2023, according to the Group CEO.
Looking forward to H2 2019, Al Hatmi said: “Our strength as a Group comes from our integration — sharing in each others’ progress to secure ASYAD and the Sultanate’s position as a global logistics leader.
The upcoming rollout of our Hub Project, connecting freight from ship to last-mile shipment, is a great example of how we are all working together to add new capabilities across the value chain.”
Another priority for Asyad Group is the digitisation of all services and the adoption of new technologies such as Big Data AI, IoT and blockchain into our operations — ensuring that ASYAD offers one of the most competitive, advanced, efficient and technologically-integrated logistics solutions worldwide.
“Central to all our achievements and plans are our employees, which is why we are implementing Group-wide initiatives aimed at developing talent across ASYAD — with an initial focus on high-potential (HiPo) employees,” he added.