Dec 26, 2024
Dear brothers and sisters,
As we approach the end of the year, I want to express my deep appreciation for each, and every one of you. Your hard work, dedication, and resilience have been instrumental in our achievements throughout 2024. This year has seen significant progress across most of our companies reinforcing our position as a leading, purpose-driven organization dedicated to sustainable development in Saudi Arabia. Your efforts in aligning our operations with our purpose have truly made a difference, and I am proud to witness the impact we are making within our communities and the Kingdom at large.
However, I would like to take this opportunity to emphasize the importance of health, safety and well-being to me. Sadly, our performance this year has been disappointing in this important area as we mourn the loss of two of our brothers from Saudi Readymix, Burhanuddine from Medina and Jamal from Dammam. I am determined to work with the leaders across the Group to make marked improvements immediately. This will require everyone’s attention and commitment to help ensure that safety always comes first!
Regarding our financial performance during the year though, we have navigated challenges, celebrated milestones, and strengthened our commitment to excellence achieving consolidated Revenue growth of over 28% to reach almost SR5b. In addition, our earnings before interest, tax, depreciation and amortisation (EBITDA) grew more than 13% year over year, and consolidated return on equity is on track to improve by around 20% from last year all while significantly reducing our costs! Most importantly, cash has improved significantly this year. Thank you for the concerted effort and focus on cash across the companies resulting in Adjusted Free Cash Flow above budget; primarily due to the extraordinary effort from the teams at SRMC, Samara Sixt, Inma Steel, and Masheed. Moreover, I feel honored that over 200 wonderful people have decided to join our Group this year to reach a population of over 5,000 men and women across the Holding and its subsidiaries.
Brothers, and sisters: Our mandate from shareholders emphasizes the importance of responsible investment and development, a commitment to increasing shareholder equity, and the need for a more balanced and diversified portfolio of businesses that will create measurable positive impact on all our stakeholders. Achieving these overarching goals is integral to our vision of becoming the leading responsible investor in the Kingdom.
Looking ahead to 2025, the Saudi economy is expected to grow by almost 4X current year GDP growth estimates. I am super excited about the potential for all our businesses in this climate. Supported by the Alturki shareholders, and Board of Directors, my team and I at the Holding are putting in place all the financing and any other support you need to achieve your growth aspirations for the year ahead and going forward. As a result, I expect aggressive growth in revenues, net income and free cash flows. Regarding my objectives, I will continue to be focused on enhancing safety and well-being first; then, on refining operational excellence, developing talent, boosting digital transformation, driving sustainable practices and building strong brands.
Finally, our commitment to our PERFORM values—Passion, Excellence, Respect, Fun, Openness, Reliability, and Meaning—remains at the core of our culture as we strive to create value every day, and promise to be better than the year before. Thank you once again for your unwavering commitment and dedication. Let us continue to approach the challenges ahead in the “Alturki Way” behaviors: consistently entrepreneurial, fiercely reliable, relentlessly digital, credibly sustainable, and proudly Saudi.
Sincerely,
Rami Alturki
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