Asyad Drydock Records Bullish End-Year Results
Despite the impact of the global pandemic, Asyad Drydock has had a bullish end to 2021 recording a net profit of OMR 0.31M for the first time since it started operations.
Moreover, Oman Drydock Company (ODC) is on track to become profitable, achieving new milestones year-on-year (YoY). In 2021 ODC’s revenue exceeded the previous years with YoY EBITDA reaching $20.8 million, up from $3.2 million in 2020.
Drydock: Breaking Records
Drydock is on an upward trajectory, witnessing unprecedented success in 2021, not only in terms of financial performance, but also in terms of customer satisfaction, partnerships and operations.
Asyad Drydock achieved record performance throughout the last year. According to the customer satisfaction survey, results indicate that customer satisfaction increased to 95% in the first half of 2021 compared with 85% achieved in 2021.
Moreover, Asyad Drydock broke the record on monthly collections with $12.3 million collected in December 2021 alone.
Throughout the year, Asyad Drydock awarded 36 long term contracts and high value purchases In 2021, Asyad secured a contract from Maersk Line for 8 ships with a total order value of approximately $20 million.
In addition to this, Asyad was also awarded a contract to build an Aluminum work boat, which will open the doors for similar opportunities, and received a letter of acceptance to build a 50 million landing craft, making it the largest new build project in terms of size and value.
In terms of operations, a new record was set in accommodating 23 ships simultaneously. In total, the BU welcomed a total of 162 vessels in 2021.
The number of repaired vessels increased by 21% in the first half of 2021 when compared to the same period in the previous year.
Asyad Drydock successfully completed 500 tonnes of steel renewal on the world’s largest dredger. Proudly, drydock achieved 7 million man-hours without loss time due to injury (LTI).