Oman's ASYAD Group announces record growth

• CEO announces EBITDA growth of 14% in the first half in 2019 compared to 2018 and forecasts 23% overall for 2019
• Net profit is the highest to date
• Creates USD $100 million sustainable efficiency improvements in its operations
• Outlines H2 plans for further integration, expanded cargo connectivity, growth through digital transformation and development of future leaders across the Group
• The group plans to carry 1m TEUs by 2023 through its shipping line.
• All the ports have ambitious expansion plans

Muscat: ASYAD’s Group Leadership Team hosted a group-wide employee meeting—branded as Majlis ASYAD—to showcase the Group’s strong performance from the first half of 2019 and outline keynote initiatives for the second half of the year. The event was attended by 500 employees & stakeholders from across the Group.

The Majlis, which took place at Oman’s Convention and Exhibition Centre, featured overview presentations on current operations and upcoming plans, as well as a question and answer session for attendees. The regular event aims to build alignments and synergy through all the operating companies that are part of the ASYAD Group.

Outlining key achievements, Abdulrahman Al-Hatmi, Group CEO, commented: “ASYAD has delivered rapid growth in the last 6 months due to sales increases and new revenue streams, resulting in an EBITDA growth of 14% and a forecast of 23% growth overall for 2019. I am pleased to say that 2019 is set to deliver our best Group financial performance to date”.

Additional highlights announced at the Majlis included:

• Group ports are forecast to see a 27% growth in bulk volumes and 14% growth in container volumes in 2019
• 2019 FDI investment in the Sohar and Salalah free zones has reached USD $500 million this year, already surpassing the total amount invested in 2018
• Oman Drydock Company reached an organisation first, servicing 19 ships in one day
• 52 million sqm Khazaen Economic City open for business with first international tenants
• 95% on-time deliveries from Oman Post and 85% positive customer feedback
• National Ferries Company (NRC) cost reductions of ½ m OMR annually over the last five years while reaching 81% Omanization across the company

Looking forward to H2 2019, Al Hatmi told participants, “our strength as a Group comes from our integration - sharing in each others’ progress to secure ASYAD and the Sultanate’s position as a global logistics leader. The upcoming rollout of our Hub Project, connecting freight from ship to last-mile shipment, is a great example of how we are all working together to add new capabilities across the value chain.

Another priority for us is the digitisation of all services and the adoption of new technologies such as Big Data AI, IoT and blockchain into our operations – ensuring that ASYAD offers one of the most competitive, advanced, efficient and technologically-integrated logistics solutions worldwide.

Central to all our achievements and plans are our employees, which is why we are implementing Group-wide initiatives aimed at developing talent across ASYAD - with an initial focus on high-potential (HiPo) employees.

I would like to thank my colleagues across the Group for their great achievements in H1, and we look forward together to a great H2.”

-Ends-

ASYAD is Oman’s new integrated logistics provider – with an ambition to make the country one of the world’s top ten logistics hubs. The company groups 16 government logistics companies and JVs under one entity – demonstrably improving performance, creating efficiencies and offering economies of scale. The Group’s customers benefit from Oman’s location - situated close to global trade routes and with major global ports within 2 week’s sail. The company’s website is here: https://www.asyad.om/ 

© Press Release 2019