Asyad Shipping Company reported a substantial rise in its initial unaudited financial results for the six-month period ended June 30.
The company disclosed that gross revenue grew to OMR172.28 million ($447.48 million) from OMR164.60 million in the first half of 2025.
This five per cent revenue increase occurred despite the expiry of certain liquefied natural gas contracts in late 2025, supported by improved performance in the crude and liner shipping segments.
Net profit after tax surged by 93 per cent to OMR38.96 million compared to OMR20.20 million in the prior year period.
Higher freight and time charter rates across all five shipping segments, especially crude and liner, drove the earnings growth alongside contributions from newly delivered vessels. Financial gains from the sale of vessels delivered to new owners during 2026 also boosted the six-month profit.
The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) margin reached 65 per cent, up from 59 per cent in the first half of 2025. Consequently, the net profit margin rose to 23 per cent, marking an 11 percentage point improvement over the same period.
Compared to the first quarter of 2026, gross revenue increased by 123 per cent, while EBITDA and net profit rose by 117 per cent and 142 per cent, respectively.
This quarter-on-quarter expansion was propelled by new vessel deliveries and stronger market exposure, with higher spot rates providing additional support.
The company stated that its fleet consisted of 48 owned vessels and 31 chartered-in vessels, with another 12 vessels due for delivery as of June 30. Despite persistent geopolitical uncertainty, Asyad noted that its financial strength and growing base of long-term contracted revenue position it to navigate volatile market conditions.