Muscat: In its annual report, the Group highlighted a series of transformative achievements including its first international acquisition—propelling its presence across more than 90 geographic regions worldwide and enhancing its global logistics footprint.

The Group reported a robust financial performance with revenues reaching RO 493 million (US$ 1.28 billion), reflecting a 6% year-on-year increase. Net profits soared to RO 52.8 million (US$ 137.3 million), backed by a compound annual growth rate of 17% in revenues and a sustained 55% growth in profits since 2016.

ASYAD’s global strategy bore fruit not just financially but also in expanding Oman’s reach in international trade. Its fleet of over 90 multi-purpose vessels now serves more than 200 commercial ports across continents. In line with sustainability goals, the fleet achieved a 6% reduction in carbon emissions.

Key milestones in 2024 included the launch of the first phase of the Muscat Airport Free Zone—the first of its kind in Oman—poised to be a magnet for regional and global investors. Oman’s free and economic zones attracted a staggering RO 2.41 billion (US$ 6.26 billion) in investments, marking a 133% increase from 2023.

ASYAD Ports also recorded a significant surge in operations, with general cargo handling up by 12% and container handling soaring by 38%. The capacity of Salalah Port was raised to 6.5 million TEUs to meet growing demand. Simultaneously, the Group signed a concession agreement to expand Suwaiq Port and initiated future investment studies for Sultan Qaboos Port.

In ship maintenance, ASYAD Drydocks completed 232 projects, broadening its competitiveness and service reach across new global markets. Its logistics arm, ASYAD Logistics, recorded major gains following the acquisition of SkyBridge Freight Solutions, resulting in a dramatic increase in freight forwarding volumes—349% via sea, 198% via land, and 160% via air compared to 2023.

Domestically, the Group continued to boost the maritime workforce with 122 new Omani sailors and the creation of 619 jobs. Its storage network also grew from three local warehouses to 11 regional facilities, reflecting its expanding operational scale.

In regional connectivity, preparatory work began on the joint Omani-Emirati Hafeet Rail project, a strategic initiative to enhance regional transport integration. ASYAD also continued to strengthen its footprint in 22 international cities and develop new marine terminals, showcasing Oman’s rising role in global logistics.