Asyad reports 14% growth in first half

Business Wednesday 19/June/2019 17:13 PM
By: Times News Service
Asyad reports 14% growth in first half

Muscat: Asyad 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 and stakeholders from across the Group.
The Majlis, which took place at Oman 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 six months due to sales increases and new revenue streams, resulting in a earnings before interest, tax, depreciation and amortisation (Ebitda) growth of 14 per cent and a forecast of 23 per cent growth overall for 2019. I am pleased to say that 2019 is set to deliver our best Group financial performance to date.”
He added that the Group ports are forecast to see a 27 per cent growth in bulk volumes and 14 per cent growth in container volumes in 2019.
He further said that 2019 FDI investment in Sohar and Salalah free zones has reached US$500 million this year, already surpassing the total amount invested in 2018.
Looking forward to the second half of 2019, Al Hatmi told participants, “Our strength as a Group comes from our integration — sharing in each other's 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."
He added, "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".