MUSCAT - Asyad Shipping, Oman’s national maritime transportation company, reported a solid financial performance for the year ended December 31, 2025, recording a 9 per cent year-on-year increase in net profit alongside strong operating margins and high fleet utilisation. The results were filed with the Muscat Stock Exchange (MSX) on Wednesday, underscoring the company’s resilience amidst continued volatility in global shipping markets.

Net profit after tax rose to RO 56.4 million in 2025, compared with RO 51.6 million a year earlier, supported by disciplined cost management, portfolio optimisation and a young, efficient fleet. Gross revenue stood at RO 336.4 million, down from RO 366.1 million in 2024, reflecting softer freight markets, while EBITDA reached RO 205.4 million, translating into a robust EBITDA margin of 61 per cent.

Operating cash generation strengthened markedly during the year, with net cash from operations increasing to RO 197.2 million from RO 155.5 million in 2024. Cash balances rose to RO 164.0 million as at December 31, 2025, compared with RO 139.7 million a year earlier. Net debt increased to RO 562.5 million, driven mainly by fleet expansion, with net debt to EBITDA at 2.7x, remaining within management’s targeted range. The company also highlighted contracted revenue of $2.2 billion extending beyond 2030, providing long-term cash-flow visibility.

Commenting on the results, Dr Ibrahim al Nadhairi, Chief Executive Officer, said: “At the time of our IPO, we articulated a focused growth strategy centred on disciplined fleet expansion and renewal and business optimisation. We have continued to execute against this strategy successfully, investing in 16 modern vessels to our portfolio and selling six older vessels in line with our plan”. He added that the fleet now maintains an average age of just over seven years, enhancing competitiveness and long-term earnings capacity.

Despite challenging market conditions, operational performance remained strong. Fleet utilisation averaged 97 per cent in 2025, compared with 99 per cent in the previous year. The company also reported zero lost-time incidents, zero major incidents and zero ship detentions, reflecting what management described as a strong culture of operational discipline and risk management.

During the year, Asyad Shipping acquired two Very Large Crude Carriers (VLCCs) for a total consideration of RO 79.3 million, both delivered in mid-2025 and placed on time-charter contracts. The company also strengthened its dry-bulk segment with an investment of RO 80.5 million in three Newcastlemax vessels, each secured by 10-year contracts of affreightment and scheduled for delivery in early 2026. As part of its fleet renewal programme, the company divested one older VLCC and four older LNG vessels for a combined RO 65.4 million.

As at end-2025, total fleet size stood at 91 vessels, with 80 vessels operating, eight under construction and three second-hand vessels due for delivery.

Looking ahead, Dr Al Nadhairi said: “Although 2025 delivered strong strategic and operational progress, it also brought headwinds associated with fluctuations in the global shipping cycle. Despite these market conditions, the business has demonstrated its resilience”. He added that 11 additional vessels are scheduled for delivery in 2026 and 2027, with a significant portion already contracted.

The company expects to distribute dividends of RO 57.8 million and has increased its long-term growth capital expenditure guidance to RO 1.4 billion through 2030, reinforcing its strategy of balancing long-term contracted income with selective exposure to spot markets to capture upside when conditions improve.

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