Asyad Shipping, a subsidiary of Asyad Group, announced robust financial performance for the year 2024, recording a 31% increase in net profit compared to the previous year. The company’s total assets reached OMR 1 billion, underscoring the success of its balanced investment strategies and the resilience of operations sustained over more than two decades.
With a diversified fleet of more than 86 vessels, including VLCCs, container ships, bulk carriers, and LNG tankers, Asyad Shipping operates across over more than 60 countries worldwide, reinforcing its position as a leading global player in maritime transport and integrated logistics solutions.
Resilient Operational and Financial Performance
Dr. Ibrahim Al Nadhairi, CEO of Asyad Shipping, stated in an interview with Oman News Agency that the company delivered strong operational and financial results in 2024, achieving a net profit of OMR 51.5 million (USD 133.8 million), a 31% increase compared to 2023, reflecting solid performance and the company’s adaptability to global market dynamics.
Revenue increased to OMR 366.9 million (USD 951.7 million), reflecting a 1% year-on-year growth. driven by a strategic shift toward time-charter contracts, which enhanced financial stability. VLCC and petrochemical tankers continued to be the company’s primary revenue drivers, accounting for more than half of total annual revenue.
The company’s gross profit rose by 28% to OMR 105.8 million (USD 274.8 million), while operating profit increased by 33% to OMR 86.8 million (USD 225.5 million), fueled by improved operational efficiency and the effective capture of market opportunities, reflecting Asyad unwavering commitment to performance excellence and operational excellence.
Enabling National Growth and Empowering Talent
Reinforcing its national commitment, Asyad Shipping awarded local contracts exceeding OMR 13 million (USD 34 million) in 2024, with a strong focus on empowering SMEs and enhancing their contribution to the national economy. Additionally, the company created 122 direct job opportunities for Omani seafarers and rolled out specialized training programs to develop national capabilities in the maritime sector.
By year end, Asyad Shipping employed 456 professionals, achieving a remarkable 90.6% Omanization rate, demonstrating its commitment to building a highly skilled national workforce aligned with Oman Vision 2040. On the sustainability front, the company advanced its low carbon shipping initiatives, achieving a 6% reduction in emissions and a 5% improvement in fuel efficiency compared to the previous year, reflecting its ongoing progress in environmental responsibility and digital transformation.
Strategic Vision. Promising Projects. Proven Leadership.
Looking ahead, Asyad Shipping is set to expand its fleet with the addition of technologically advanced vessels that meet the latest global standards in efficiency and sustainability. The company is also investing in the digitization of its logistics ecosystem to boost operational efficiency and deliver smart, innovative solutions to customers.
In parallel, Asyad Shipping continues to invest in national talent development through advanced training and qualification programs, while accelerating the adoption of green maritime technologies, further enhancing its global positioning and securing long-term operational sustainability.
