Oman’s Government-owned logistics provider, Asyad, has announced a record high net profit for the first half of 2019, with EBITDA growth of 14% in these six months. Speaking at a group-wide employee meeting, branded as Majlis Asyad, to showcase the strong performance and outline keynote initiatives for the second half of the year, 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 a forecast of 23% growth overall for 2019. The Group is set to deliver its best financial performance to date this year.”
Other highlights of the Majlis included a forecast that group ports will see a 27% growth in bulk volumes and a 14% increase in container volumes in 2019. All of Asyad’s ports have ambitious expansion plans, it was pointed out. In addition, foreign direct investment (FDI) in the Sohar and Salalah free zones has reached USD $500 million this year already, surpassing the total amount invested in the whole of 2018. Furthermore, Oman Drydock Company (ODC) reached an operational first, servicing 19 ships in one day, earlier this year.
Asyad also announced the impending roll-out of the so-called Hub Project, which aims to connect freight throughout the supply chain, right up to the ‘last mile’. Another priority will be the digitisation of all services and the adoption of new technologies such as Big Data, Artificial Intelligence (AI), the Internet of Things (IoT) and blockchain into Asyad operations.