MUSCAT : The company’s total assets reached RO 1 billion, reflecting reflecting its balanced investment strategies and the sustainability of its operations spanning more than two decades.

The company boasts a diverse fleet of more than 86 vessels, including very large crude carriers, container ships, bulk cargo ships, and natural gas carriers, with operations spanning more than 60 countries worldwide.

Dr. Ibrahim bin Bakhit Al Nadhairi, CEO of ASYAD Shipping, stated that net profits for 2024 reached RO 51.5 million (USD 133.9 million), highlighting the company’s ability to navigate global market challenges with resilience and adaptability. He noted that the global shipping market continues to face economic and geopolitical pressures, which are expected to persist in the near term.

According to the CEO, total revenues rose by 1 percent to RO 366.1 million (USD 951 million), as a result of redirecting the investment portfolio towards fixed-term contracts, which contributed to enhancing financial stability. He explained that the VLCC and petrochemical tanker sectors continued to be the main sources of revenue, contributing more than half of the total annual revenues.

He further pointed out that the company recorded a 28 percent growth in total profits to reach RO 105.9 million (USD 275.2 million), while operating profits increased by 33 percent to RO 86.9 million (USD 225.7 million), thanks to improved operational efficiency and optimal investment of market opportunities, reflecting Asyad’s commitment to the highest standards of performance and institutional excellence.

He stressed that Asyad Shipping continued its efforts to support local content during 2024, awarding contracts worth more than RO 13 million (USD 34 million), with a clear focus on empowering small and medium enterprises and enhancing their role in the national economy. The company also played a key role in boosting national employment, creating 122 direct job opportunities for Omani seafarers and implementing training programmes to strengthen local capabilities in the maritime sector.

The company’s Omanisation rate reached 90.6 percent, aligning with national goals and ASYAD’s commitment to building a skilled and sustainable local workforce in support of Oman Vision 2040.

On the sustainability front, Dr. Al Nadhairi highlighted the company’s continued progress in environmental responsibility, achieving a 6 percent reduction in emissions and a 5 percent improvement in fuel efficiency compared to 2023. These achievements are part of ASYAD Shipping’s broader strategy to integrate digital transformation and green technologies across its operations.

The company is also expanding its fleet with technologically advanced vessels that meet international standards for efficiency and sustainability, while developing a digital logistics ecosystem to enhance service delivery and customer experience.

The CEO reaffirmed Asyad Shipping’s commitment to investing in national talent and environmentally responsible maritime technologies. Through a combination of innovation, workforce development, and operational excellence, the company aims to strengthen its global position and ensure the long-term sustainability of its business.

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