Asyad Shipping Co. said on Wednesday its first-quarter net profit jumped 41% year-on-year to RO16.1mn, even as gross revenue fell 8% to RO77.3mn, underscoring how the Oman's shipping group is squeezing more profit from a smaller top line.
The company’s numbers tell a split story. Profit rose from RO11.4mn in the same period of 2025, while revenue slipped from RO83.8mn. The gain was driven mainly by lower direct costs and proceeds from the sale of old LNG vessels, while the revenue decline reflected the expiry of time-charter contracts linked to four older LNG vessels: Salalah, Ibri, Ibra and Nizwa.
Asyad Shipping is a subsidiary of Asyad Group, and it said the quarter reflected strong margins, improved profitability and high fleet utilisation. It reported a strong EBITDA margin of 67% and recorded zero lost-time incidents during the period, a safety result the company linked to disciplined operations.
Dr. Ibrahim al Nadhairi said the business had navigated multiple market cycles and global disruptions since inception, building experience in a cyclical industry. He said the company maintained a disciplined operating approach and strong safety performance, and that the Q1 results reinforced the strength of the business model through a 67% EBITDA margin and 41% year-on-year net profit growth.
The quarter also fits into a wider reset that has been underway at the company. The four older LNG vessels were sold as part of a portfolio optimisation strategy, while Asyad Shipping continued to advance its fleet renewal and expansion programme at the same time. That balance — shrinking some legacy exposure while adding newer tonnage — is helping explain why profit improved even as revenue eased.
The next phase is already mapped out. Asyad Shipping expects delivery of 10 vessels in 2026, including two new-build LNG carriers, four new-build VLCCs, two new-build medium-range tankers and two second-hand Kamsarmax vessels, with five of the 10 vessels due to be deployed on long-term contracts. As of March 31, 2026, its fleet comprised 89 vessels, including 77 operational vessels, of which 46 were owned and 31 chartered-in. The question for investors now is not whether the company can lift earnings in a softer revenue environment — it already has — but how smoothly it can absorb the next wave of deliveries without losing that margin edge.
