Muscat: Asyad Group has delivered a strong performance in 2023, achieving net profits of RO 64 million, marking a 43% increase from the previous year’s RO 45 million. The group’s annual report underscores its strategic progress, with revenues rising by 5% to RO 465 million, reflecting a compound annual growth rate of 21% in revenues and 73% in profits since its inception.

The report reveals that Asyad Group’s assets, valued at RO 1.6 billion in 2023, are driving Oman’s position as a crucial global logistics hub. The group has demonstrated continued excellence in operational and financial performance, with the Omanization rate hitting 85% and the creation of approximately 400 new jobs, including 84 new Omani sailors for its marine fleet.

Asyad Drydock achieved a 4% increase in business volume, handling 230 projects and servicing clients from over 40 countries. The group’s freight forwarder services executed over 2,000 shipments in its first year, and storage activities saw a 32% increase, with warehouse capacity growing by 16%.

The launch of partial shipping solutions linking Indian and Omani markets is set to enhance trade and support local SMEs. Additionally, Oman Post and Asyad Express expanded their network to 12 countries, with an impressive 81% growth in operations. Nine international companies also shifted their regional distribution operations to Oman.

In the small and medium ports sector, which includes Suwaiq Port, Khazaen Dry Port, and others, goods handled increased by 4%, and 134 cruise ships with over 432 passengers were received. The group also attracted over RO 1 billion in direct foreign investments through its economic and free zones.