13/08/2026 04:34 AST
Asyad Shipping Company, a subsidiary of Omani logistics giant Asyad Group, on Wednesday reported a 92% increase in net profit for the first half of 2026, primarily driven by lower direct costs, higher operating income and gains from the sale of vessels and equipment during the period.
Net profit rose to RO38.9mn for the six months ended June 30, 2026, from RO20.2mn in the corresponding period of 2025, according to a disclosure submitted to the Muscat Stock Exchange.
Profit growth was further supported by a net income tax credit of RO1.7mn during the period, compared with a marginal tax charge in the first half of 2025, the company said.
Earnings per share attributable to Asyad Shipping shareholders increased 117% to 7.47 baisa from 3.44 baisa in the first half of 2025, in line with the overall improvement in profitability.
Revenue rises to RO172.3mn
Asyad Shipping's gross revenue for the first half of 2026 rose 5% to RO172.3mn from RO164.6mn a year earlier. Operating lease income accounted for 70% of total revenue, while revenue from contracts with customers contributed 26% and finance lease income accounted for the remaining 4%.
The company attributed the increase in revenue to growth across its crude, products, dry bulk and liner shipping segments, which more than offset a decline in gas shipping revenue following the planned sale of four older LNG vessels as part of the group's ongoing portfolio optimisation strategy.
The crude and product shipping segments remained the largest contributors, together accounting for more than 60% of total revenue. Revenue from owned vessels represented 58%, while chartered-in vessels accounted for 42%, reflecting Asyad Shipping's balanced operating model.
Asyad Shipping said it had secured contracted revenues worth $2.24bn through 2030 and beyond as of June 30, 2026, providing long-term earnings visibility.
Dr Ibrahim Al Nadhairi, Chief Executive Officer of Asyad Shipping, said the company's first-half performance reflected the resilience of its business model and the disciplined execution of its long-term strategy.
"While shipping markets remain cyclical, our focus remains on the factors we can control - operating safely, allocating capital with discipline, strengthening our long-term contract portfolio and investing in a modern fleet that enhances our long-term earnings capacity," he said.
"In shipping, value is created not only by what you buy, but also by when you sell. We recognised a favourable market for older tonnage and acted decisively, generating attractive returns while continuing to advance our fleet renewal objectives."
Al Nadhairi said the company had also maintained strong operational performance and strengthened the foundations for future growth.
"With an additional nine vessels entering service during the second half of the year, we believe the company is increasingly well positioned to capture market opportunities while continuing to create sustainable long-term value for our stakeholders," he said.
As of June 30, 2026, Asyad Shipping's fleet comprised 79 vessels, including 48 owned vessels and 31 chartered-in vessels.
The company has 18 vessels on order, including six newbuild VLCCs and eight Medium-Range (MR) tankers, as well as four second-hand dry bulk vessels - two Kamsarmax and two Baby Capesize vessels.
Muscat Daily
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