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Oman Business News

ASYAD Group posts 28pc uptick in profit

ASYAD, the leading integrated logistics provider in the Middle East, said it posted a 28 per cent increase in profits for 2018.

The company said in a statement that it has been making profits for the two consecutive years since its launch in 2017.

ASYAD attributed the success to the adoption of unified corporate governance, investment and procurement policies, as well as synergies between the Group’s companies. “These results reflect the strength and resilience of the Group and its ability to achieve sustained growth despite the difficult shipping market, high fuel prices and the prevailing economic climate,” it said.

Oman Drydock Company achieved its best financial performance of the company since its inception with a growth of over 55 per cent in 2018 compared to the figures of 2017.

ASYAD said that there has been an annual increase in general cargo handling at Sohar, Salalah and Duqm ports. Salalah Port achieved a 25 per cent increase in the general cargo handling despite the challenges faced during Cyclone Mekunu. Container imports increased 22 per cent while exports were 12 per cent higher than in 2017, despite the fact that transit containers movements were affected by Mekunu.

Port of Sohar achieved a 53 per cent increase in general cargo handling volumes last year. Exports also rose to 17 per cent in 2018 while imports were up 10 per cent. Port of Duqm saw a 38 per cent jump in imports, with 410 vessels calling at the port last year. Salalah Free Zone signed 23 agreements for projects worth over $411 million.

Oman Logistics Centre, part of ASYAD Group, in cooperation with the Directorate General of Customs and other competent authorities, launched the ‘One Stop Inspection’ windows at Sohar Port and Muscat International Airport. The measure reduced the need for inspection of goods from 80 per cent to 12 per cent for customs and from 100 per cent to 16 per cent for government agencies. The Group also started the system of pre-customs clearance of goods transported by sea. The percentage of goods cleared before arrival to ports increased from one per cent to 14 per cent. In addition, the time required to clear goods has been reduced to four hours through air ports and six hours via sea ports.

Oman Shipping Company posted an 18 per cent increase in net profits despite a significant and unexpected drop in global freight prices coupled with higher fuel prices. The company has expanded its operations in various areas, including bulk cargo handling, as well as enhancing the efficiency of spending, benefiting from the Group’s purchasing power. The company seeks to modernize its fleet of 49 vessels to meet the requirements of international markets.

Oman Post has continued its transformation from a mail-based company into e-commerce and logistics businesses, having registered a 27 per cent improvement in its financial performance in 2018. The company also launched a service that allows the user to send or receive any shipment anywhere inside Oman (door to door) and allows the user to track the location of his shipment. In addition to the launch of the e-shop (shopping) service to choose the time of shipment of goods up to thirty days from the time of purchase without additional charges.

A total of 6 million passengers used Mwasalat services in 2017, an increase of nearly 30 in 2017. The company also doubled the number of routes in one year to 34 across different governorates. The company also launched public transport services in Suhar and Salalah for the first time, and on-demand taxi services.

National Ferries Company posted remarkable growth in utilization during 2018, transporting about 243,000 passengers and 66,244 vehicles in 2018. Integrated services to Musandam and Masirah Island were also launched by the National Ferries in collaboration with Mwasalat.
  • ASYAD
  • Logistics
  • Middle East
  • Shipping Market
  • Economic
  • Duqm Ports
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