Saudi Arabia, China’s DHX Group to build first tinplate plant in Ras Al-Khair
Project expected to generate over 500 direct jobs and will employ environmentally friendly technologies
Plant is scheduled to start commercial operations by mid-2027
Updated 20 sec ago
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia is set to localize tinplate and tin-free steel production through a partnership with China, establishing the region’s first facility of its kind with an annual capacity of 400,000 tonnes.
Al-Watania for Industries and China’s Donghexin Group, or DHX Group, have signed an agreement to build the plant in Ras Al-Khair Industrial City on the Kingdom’s eastern seaboard. The plant is scheduled to start commercial operations by mid-2027.
The initiative represents an achievement in Saudi Arabia’s efforts to localize the supply chain for the packaging industry. It aims to satisfy growing domestic demand for tinplate and tin-free steel — critical materials that underpin a wide range of sectors, including food and beverage, paints, oils, and chemicals.
A memorandum of understanding to establish the facility was first signed on Jan. 15 during the fourth edition of the Future Minerals Forum, according to a statement from WFI issued that day, but now a full partnership has been agreed.
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef witnessed the signing ceremony, which was also attended by Vice Minister for Mining Affairs Khalid Al-Mudaifer, DHX Group Chairman Li Dong, and Al-Watania for Industries Chairman Mosaed Al-Ohali.
In a press statement, Al-Ohali said: “This partnership marks a strategic step toward achieving one of our key expansion goals — vertical integration across the value chain of the metal packaging sector.”
He added: “Establishing a technologically advanced tinplate manufacturing plant is a long-term investment in Saudi Arabia’s industrial security and reflects our deep commitment to localizing industrial knowledge, meeting domestic demand, and enhancing our export capabilities.”
Caption
According to the Saudi Press Agency, the project is expected to generate over 500 direct jobs and will employ environmentally friendly technologies. Half of its output will be designated for domestic consumption, while the remaining will be exported.
The facility is also seen as a key enabler for Saudi Arabia to position itself as a manufacturing hub and reduce dependency on imported raw materials.
DHX Group’s Dong said the venture is a model for global collaboration. “We are confident that our extensive experience of over two decades in this field will contribute to building a world-class metal manufacturing ecosystem that begins in the Kingdom and expands into regional markets,” he said.
“The plant is designed with sustainability in mind and is fully prepared for a future shift to low-emission green electricity, reinforcing our shared commitment to the environment,” Dong added.
Abdulrahman Al-Juaid, CEO of WFI, said the project represents a major step toward increasing local content and positioning Saudi Arabia as an exporter of critical tinplate.
“The partnership with Donghexin Group will contribute to the transfer of advanced manufacturing technologies and the training of national talent, enhancing Saudi Arabia’s readiness to become a leading regional industrial hub,” he added.
Aramco cuts methane emissions by 11.4%, sets 2030 target to reduce upstream carbon intensity
Updated 6 min 19 sec ago
Nadin Hassan
RIYADH: Saudi Aramco has achieved an 11.4 percent reduction in methane emissions in 2024 and set a new 2030 target to cut upstream carbon intensity, according to its latest sustainability analysis.
Saudi Aramco President and CEO Amin Nasser reaffirmed the company’s commitment to embedding sustainability across all areas of its operations in a new report, saying the target is part of the firm’s “broader roadmap” to achieve net-zero operational emissions by 2050.
Saudi Arabia is aiming to be carbon neutral by 2060, a commitment announced by Crown Prince Mohammed bin Salman during the Saudi Green Initiative forum in 2021.
As the Kingdom’s flagship energy producer, Saudi Aramco plays a pivotal role in this transition by implementing decarbonization measures, expanding low-carbon energy investments, and deploying climate-focused technologies.
“This is Aramco’s fourth Sustainability Report since announcing our ambition to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across our wholly-owned operated assets by 2050. To complement our net-zero ambition, we have also set a new 2030 interim target for reducing our upstream carbon intensity,” Nasser stated in the release.
The interim goal aims to reduce carbon intensity in upstream operations to 8.6 kg of carbon dioxide equivalent per barrel of oil equivalent or lower, compared to the current 9.7 kg CO2e/boe — already among its peers’ lowest upstream carbon intensity.
Aramco has also set a target to achieve a 15 percent reduction by 2035 compared to its 2018 baseline, and has outlined an ambition to mitigate 52 million tonnes of CO2 equivalent annually by 2035, relative to its business-as-usual emissions forecast.
Meanwhile, upstream methane intensity decreased to 0.04 percent in 2024, down from 0.05 percent the previous year.
The report outlines Aramco’s sustainability strategy, including efforts to minimize emissions from existing energy sources, increase efficiency through artificial intelligence, and boost investments in carbon capture, hydrogen, and renewables.
To underline the company’s drive to net-zero, Nasser highlighted a shareholder agreement signed by Aramco in 2024 to develop a carbon capture and storage hub in Jubail.
“When completed, this facility is expected to be one of the largest such projects in the world,” he said.
The CEO added that hydrogen is another area where the company sees potential growth opportunities, “leading to our acquisition of a 50 percent stake in a blue hydrogen company.”
Aramco also signed a non-binding agreement with mining giant Ma’aden to form a joint venture focused on mineral exploration in Saudi Arabia.
“The joint venture would draw on Aramco’s extensive geoscience data and subsurface knowledge, with lithium production potentially commencing by 2027,” Nasser added.
The company’s growing use of AI is central to its decarbonization drive. AI-enabled analytics are now used to monitor and reduce greenhouse gas emissions across key facilities, while predictive algorithms help optimize equipment performance and reliability.
“Looking ahead, we believe a multi-source, multi-speed, and multi-dimensional approach is required for the global energy transition in order to properly address the energy security, affordability and sustainability priorities of individual countries,” Nasser concluded in his message.
According to the Net Zero Emissions in Saudi Arabia by 2060 report in 2023 by King Abdullah Petroleum Studies and Research Center, the Kingdom is targeting an annual reduction of 278 million tonnes of CO2 equivalent by the end of the decade in order to reach its net-zero goal by 2060.
The plan includes expanding renewables to 50 percent of the energy mix, phasing out liquid fuels in power generation, and planting 650 million trees.
The Kingdom is also aiming to capture 44 million tonnes of CO2 annually by 2035.
Saudi banks’ March profits jump 27% on lending boom
Total bank credit reached SR3.1 trillion in March, an annual increase of 16.26%
Saudi banks are expected to maintain stable profitability throughout the year
Updated 19 May 2025
Dayan Abou Tine
RIYADH: Saudi banks recorded a 27.1 percent year-on-year increase in net profits in March, reaching SR8.81 billion ($2.35 billion).
According to the Saudi Central Bank, also known as SAMA, this figure reflects earnings before zakat and tax.
The robust performance marks one of the strongest monthly earnings in recent years. It underscores growing confidence in the Kingdom’s banking sector amid steady economic activity and a strong pipeline of Vision 2030-related projects.
According to a January report by S&P Global Ratings, Saudi banks are expected to maintain stable profitability throughout the year. The analysis highlighted a favorable economic environment and declining interest rates as key enablers of continued credit expansion.
The robust banking performance aligns with the Kingdom’s broader non-oil economic momentum. Shutterstock
In particular, corporate lending is anticipated to remain the primary driver of loan growth in 2025, supported by increased construction activity, infrastructure investment, and government-led initiatives.
S&P expects lending growth to hover around 10 percent for the year, with corporate lending closely tied to Vision 2030 implementation leading the surge. Meanwhile, mortgage lending is projected to recover moderately in response to lower borrowing costs.
Saudi banks are also expected to continue leveraging international capital markets to fund growth. S&P estimated credit losses will stabilize at 50 to 60 basis points, supported by strong provisioning cushions built in recent quarters.
The March performance aligns with broader credit dynamics observed in Saudi Arabia. According to SAMA, total bank credit reached SR3.1 trillion in March, an annual increase of 16.26 percent, the highest growth in over three years.
Corporate loans accounted for 55.19 percent of the total, rising 22.3 percent year-on-year to over SR1.71 trillion.
The King Abdullah Financial District in Riyadh, Saudi Arabia. Shutterstock
This trend reflects a shift in Saudi lending priorities, with businesses now driving the lending landscape. The uptick in business credit signals increased private sector activity, particularly across construction, real estate, and manufacturing.
This robust banking performance aligns with the Kingdom’s broader non-oil economic momentum. According to the Riyad Bank Saudi Arabia Purchasing Managers’ Index compiled by S&P Global, the Kingdom recorded a PMI of 58.1 in March, the highest among its Middle Eastern peers and well above the 50.0 threshold, indicating expansion.
Saudi Arabia’s Ministry of Economy and Planning reported in February that non-oil activities now make up 52 percent of gross domestic product, having grown 20 percent since the launch of Vision 2030.
With the government targeting $100 billion in annual foreign direct investment by 2030, the expansion of the banking and non-oil sectors plays a critical role in attracting global capital and supporting long-term economic sustainability. As corporate activity intensifies and lending strategies evolve, Saudi banks appear well-positioned to balance growth, profitability, and resilience.
MAGRABi Retail Group acquires Kefan Optics, eyes potential IPO
Kefan Optics provides MAGRABi a strategic entry point in Kuwait’s competitive optical retail sector
MAGRABi CEO Yasser Taher told Arab News the deal would elevate the company’s market share in Kuwait to an estimated 30%
Updated 13 min 1 sec ago
Reina Takla Miguel Hadchity
RIYADH: Eyewear giant MAGRABi Retail Group has signed a deal to acquire Kuwait’s optical chain, Kefan Optics, as part of its strategy to expand its footprint in the Gulf market.
Known for its professional eye care services, technical expertise, and loyal customer base, Kefan Optics provides MAGRABi a strategic entry point in Kuwait’s competitive optical retail sector.
The acquisition is projected to increase MAGRABi’s top-line sales by 5 percent and boost its earnings before interest, taxes, depreciation, and amortization by more than 10 percent within the first year following integration.
In an exclusive interview with Arab News, MAGRABi CEO Yasser Taher said the deal would elevate the company’s market share in Kuwait from 5 percent to an estimated 30 percent, positioning the company as a market leader in the country’s optical retail sector.
MAGRABi is exploring the possibility of going public, though no formal steps have been taken yet. X/@MagrabiOpt
“Kefan is a highly trusted optician in Kuwait,” said Taher, adding: “They are highly recognized as a very professional optician, they provide high-quality technical service, and the brand is associated with professional optometry ... so they come across as a great fit in terms of clientele.”
Instead of phasing out the Kefan brand, MAGRABi plans to preserve its legacy while enhancing its operations. Planned changes include a refreshed logo, redesigned stores, and a revamped customer experience, all supported by advanced omnichannel capabilities tailored to younger demographics, particularly Gen Z.
Amin Magrabi, chair of MAGRABi Retail Group, called the deal a milestone in the company’s regional expansion. “This acquisition marks another defining moment in our transformation journey. We are proud to strengthen our presence in Kuwait and reinforce our leadership in a region poised for consolidation,” he said in a press statement.
“Our goal remains clear: to lead the evolution of eye care in the Middle East,” Magrabi added.
Kefan Optics Chairman Wael Al-Subaih noted the brand’s long-standing history and welcomed the transition.
Kefan Optics is known for its professional eye care services, technical expertise, and loyal customer base. Instagram/@_kefanoptics
“For 47 years, Kefan Optics — a proud, family-owned business — has been at the forefront of the optics and lenses industry in Kuwait, serving its valued clients through 37 branches across the country,” he said in a press statement.
“Today marks a significant milestone as Kefan Optics continues its journey of excellence under the Magrabi Retail Group. We celebrate this new chapter with great optimism and extend our best wishes to all involved,” Al-Subaih added.
Deal timeline and financing
Although the acquisition agreement has been signed, the deal remains subject to regulatory approvals from Kuwait’s Competition Authority and Saudi Arabia’s General Authority for Competition. Taher anticipates a formal closing by late August or early September 2025.
“There are a lot of approvals that we should be able to get,” he said. “There are also other stakeholders, including shopping malls and so on. So it’s the usual closing process of any transaction. Yet, the deal is done, and we have already assigned a signed agreement that we are presenting accordingly to authority approvals.”
Regarding the financing structure, Taher said the company follows a hybrid model.
“We would usually try to fund 70 percent from banks and 30 percent from our own equity,” he added.
MAGRABi Retail Group was certified as a Best Place to Workin Saudi Arabia for 2024/2025. MAGRABi
IPO on the horizon
Looking ahead, MAGRABi is exploring the possibility of going public, though no formal steps have been taken yet.
“There is a strong intention to become a publicly listed company. No official approvals have been obtained from the board or the shareholders yet, we’re still working toward the plan and to be ready. The timelines are not in the immediate future,” Taher said.
Interestingly, as part of the Kefan Optics transaction, existing shareholders will have the opportunity to participate in MAGRABi’s future IPO, aligning both companies’ long-term interests.
M&A vs. organic growth
MAGRABi has been expanding through a combination of organic growth and strategic acquisitions, including its purchase of Rivoli Vision in 2024. Still, Taher emphasized that mergers and acquisitions only make sense when there are strong operational synergies.
We are thrilled to announce our historic partnership with Rivoli Group, a premium lifestyle retailer in the Lower Gulf. This merger of two leading multi-brand eyewear retail businesses marks a pivotal milestone in the transformation of the region's eyewear market.
“To have a successful M&A strategy, you must have very strong synergies to deploy; otherwise, you’re paying a very high premium for an acquisition, and you will not be able to improve results,” he said. “If that’s the case, then for sure, organic would be a better option, because M&A definitely comes at a premium.”
In Kefan Optics’ case, the synergies are clear. MAGRABi gains a well-established brand with loyal customers, while Kefan benefits from enhanced operational support.
“We chose that option because it makes financial sense for us, but strategically, we would like to be as well recognized as a local player in every market. So, if our brand is not necessarily highly recognized in this market. We would prefer to operate with a highly recognized and trusted brand in this market, which is the case in Kuwait,” Taher explained.
Sustained financial growth
Taher highlighted MAGRABi’s consistent financial performance, with the company targeting a 15-20 percent compound annual growth rate — and achieving it. In 2024, organic growth reached 14-15 percent compared to 2023.
When including the impact of the Rivoli Vision acquisition, net sales and EBITDA each rose by 43 percent year over year.
The company’s mainstream brand, Doctor M, also saw a 70 percent increase in sales, while online sales grew 25 percent during the same period.
“The big growth drivers remain our M&A,” Taher noted. “The introduction of Rivoli Vision as part of the MAGRABi Retail Group, also our mainstream banner, Doctor M, is a very big contributor. We’ve also been able to grow our online business by 25 percent year over year.”
Elevating the brand
MAGRABi intends to apply its retail expertise and backend capabilities — such as procurement, supply chain logistics, lens manufacturing, and retail analytics — to optimize Kefan Optics’ performance.
“We can definitely modernize the brand,” Taher explained. “Our intention is to keep the brand but evolve it into a premium and more appealing modern brand. We will refresh the brand, create a more appealing positioning, push the brand a bit more into the premium segment, and rebrand the logo and stores.”
He also pointed to the benefits of incorporating MAGRABi’s central glazing lab and digital retail tools to improve operational efficiency and enhance customer service.
As part of its growth strategy, MAGRABi aims to become a leading omnichannel retailer in the Middle East, investing in technology, customer experience, and product innovation.
“The objective is to really become one of the best omnichannel retailers in the Middle East, across all categories,” Taher said. “We’re investing a lot on tech and new customer experience, new services, and new product ranges. It’s a fully empowered proposition.”
The company is also actively pursuing further acquisitions across the region.
“M&A is a key pillar of our growth. We are active, and we have a pipeline that we’re working on, and we’re extremely excited about being able to deploy our capabilities across more and more banners, in different markets,” Taher confirmed.
With the Kefan Optics acquisition and IPO plans in motion, MAGRABi is positioning itself as the dominant force in the region’s optical retail sector.
Taher concluded: “It will be a very proud moment for us to take a brand that is highly trusted, like this in Kuwait, highly recognized in Kuwait, and evolve it to the next level and modernize it.”
Oil Updates — crude retreats as US, China growth concerns weigh
US credit rating cut by Moody’s
China’s retail sales disappoint
Updated 19 May 2025
REUTERS
LONDON: Oil slipped on Monday, weighed down by Moody’s downgrade of the US sovereign credit rating and official data that showed slowing growth in China’s industrial output and retail sales.
Both developments raised concerns over the outlook for the world’s two biggest economies and oil consumers, a week after Beijing and Washington’s agreement to roll back most tariffs on each other’s goods pushed oil prices higher.
“The weaker-than-expected Chinese data is not helping crude oil, although I would describe the setback as modest,” said UBS analyst Giovanni Staunovo.
Brent crude futures lost 46 cents, or 0.7 percent, to $64.95 a barrel by 11:43 a.m. Saudi time, while US West Texas Intermediate crude slipped by 26 cents, or 0.4 percent, to $62.23. The nearby June WTI contract expires on Tuesday.
Both contracts rose more than 1 percent last week.
Also weighing on the market were comments from US Treasury Secretary Scott Bessent that President Donald Trump will impose tariffs at the rate he threatened last month on trading partners that do not negotiate in “good faith.”
“Today’s weakness is simply a continuation of crude’s wild ride going nowhere, with the latest move triggered by the Moody’s downgrade and not least Scott Bessent’s warning,” said Ole Hansen of Saxo Bank.
The official Chinese data on Monday showed growth in industrial output slowed in April, though performance was still better than economists had expected.
Investors are keeping an eye on progress in the Iran-US nuclear talks, with uncertainty over the outcome limiting losses in oil prices.
US special envoy Steve Witkoff said on Sunday that any deal must include an agreement not to enrich uranium, a comment that swiftly drew criticism from Tehran.
“The US-Iran nuclear negotiations are not clear cut and may take many months,” said John Evans of oil broker PVM.
Argaam names top CEOs of 2024 in finance, tech, health and more
Updated 19 May 2025
Arab News
RIYADH: Last week, the Argaam Financial Portal team organized the inaugural Argaam Summit, bringing together a distinguished group of experts and specialists from the financial sector to discuss the future trends of the financial market in the Kingdom of Saudi Arabia.
The summit sessions addressed a range of vital topics of interest to investors in the financial markets, including macroeconomics, global challenges, prospects for developing the Nomu Parallel Market, incentives for attracting companies to list in the financial market, as well as digital transformation and innovation in financial markets.
One of the summit’s highlights was the launch of the first edition of the Argaam Award for Best CEOs of 2024, aimed at highlighting leaders who have made a real difference in their companies.
This award reflects Argaam Financial Portal’s commitment to supporting transparency, governance, and institutional excellence. Its criteria were developed based on a precise methodology that includes the company’s financial and operational performance, the direct impact of the CEO, and the level of disclosure and transparency.
Notably, the Best CEO Award was presented in a grand ceremony for each sector based on several criteria, such as the CEO’s tenure, which must be no less than two years, and the company’s growth rates compared to the previous year in key indicators like net profits, shareholders’ equity, revenues, assets, margin improvements, return on equity, and return on assets, while considering sector-specific financial indicators.
Additionally, the company’s level of disclosure and transparency was evaluated, including the presence of transparent governance, adherence to accounting standards, and an active investor relations department.
Banking sector
Waleed Abdullah Al-Muqbil.
Waleed Abdullah Al-Muqbil, CEO of Al Rajhi Bank since 2020, has over 24 years of experience in the banking sector.
Under his leadership, the bank maintained its market share despite challenges from rising interest rates and recorded significant growth in deposits, financing, and assets.
In 2024, it surpassed its closest competitor, the National Commercial Bank — which merged with Samba Bank — becoming the leader among Saudi banks in customer deposits and financing. The bank also achieved its highest quarterly profits in history and set record levels across various financial indicators.
Telecommunications sector
Aliyan bin Mohammed Al-Watied.
Aliyan bin Mohammed Al-Watied, CEO of STC Group since 2020, has over 20 years of experience in the telecommunications sector.
Under his leadership, the company expanded into new areas such as the Internet of Things, fintech, and data centers, contributing to revenue growth and increased market share in 2024.
The “Tajra2 2” strategy was adopted to enhance its role as a key enabler of digital transformation, alongside implementing a program to improve operational efficiency.
Financially, the company maintained revenue growth, achieved an increase in operating profits compared to the previous year, and continued to grow shareholders’ equity while maintaining its market share.
It also announced future dividends for the next three years, reflecting the management’s commitment to implementing its long-term strategy to investors.
Healthcare sector
Ahmed bin Saleh Baabir.
Ahmed bin Saleh Baabir, CEO of Dallah Healthcare, holds a Ph.D. in Agricultural Engineering from Iowa State University, US.
Under his leadership, Dallah Healthcare actively acquired several hospitals, increasing the number of hospitals and beds, thereby enhancing its market share in the healthcare sector.
Financially, the company continued to achieve revenue growth, recorded an increase in operating profits compared to the previous year, and maintained its position in the market.
Insurance sector
Tal Hisham Nazer.
Tal Hisham Nazer, CEO of Bupa Arabia since 2011, holds an MBA from the Wharton School, University of Pennsylvania, 2001.
Under his leadership, Bupa strengthened its position as a leader in the health insurance sector in the Kingdom, capturing a 26 percent market share in the insurance sector and 45 percent in the health insurance sector, maintaining this share despite significant market competition.
Financially, the company recorded its highest insurance revenues in 2024, supported by an increase in total written premiums, and achieved its highest profits, positively impacting shareholders’ equity, which reached record levels.
Transportation sector
Fawaz Abdullah Ahmed Danish.
Fawaz Abdullah Ahmed Danish, CEO of Budget, holds a Bachelor’s degree in Law from King Abdulaziz University, 1993.
Under his leadership, Budget maintained its market share by expanding its fleet and opening new showrooms, in addition to executing strategic acquisitions of companies like Al Alamiah Cars and Overseas Development, increasing the fleet size to over 53,000 vehicles in 2024 compared to 35,000 in 2023.
Financially, the company experienced a historic surge in revenues and profits driven by these acquisitions, with shareholders’ equity rising by approximately 45 percent compared to the previous year, reaching unprecedented levels.
Agriculture sector
Mazin Abdullah Ba Dawood.
Mazin Abdullah Ba Dawood, CEO of Al-Jouf Agricultural, holds a Bachelor’s degree in Chemical Engineering from King Abdulaziz University, 1993.
Under his leadership, the company enhanced its position as an industrial agricultural company by expanding its share in the olive oil market and opening a potato chip production plant in 2024, contributing to increased revenues.
Financially, the company achieved historic revenues in 2024, with profits and shareholders’ equity reaching their highest levels in nearly a decade, driven by a strategic transformation plan toward an integrated model combining agriculture and industry.
Retail sector
Mohammed Jalal Ali Fahmy.
Mohammed Jalal Ali Fahmy, CEO of Extra Stores, holds a Bachelor’s degree in Accounting from Ain Shams University, 1985.
Under his leadership, Extra Stores achieved its highest revenue and profit levels in 2024 since its establishment, supported by growth in the retail sector and expansion in consumer financing through “Taseel,” while maintaining market share and increasing the number of branches to 55 in three countries.
The company also embraced digital transformation and enhanced its e-commerce, with shareholders’ equity reaching its highest levels following the partial listing of its stake in United Electronics Co.
Oil and gas sector
Mohammed Farouk Abdulmajid Abdulkhaleq.
Mohammed Farouk Abdulmajid Abdulkhaleq, CEO of Addes, holds a Ph.D. in Systems and Control Engineering from Case Western Reserve University, Ohio, US.
Under his leadership, Addes faced challenges last year due to the suspension of some rigs in Saudi Arabia but successfully redistributed these rigs to new markets such as Qatar, Thailand, and Egypt, enhancing its financial performance and reducing dependence on a single market through geographic diversification.
Real estate sector
Abdullah bin Faisal Al-Braikan.
Abdullah bin Faisal Al-Braikan, CEO of Retal Urban Development, holds a Bachelor’s degree in Architecture from King Faisal University in Dammam, class of 2006.
Under his leadership, Retal achieved a record-breaking project volume in 2024 and reported its highest revenues since inception.
This growth was driven by exceptional development contracts, resulting in unprecedented gross and net profits, in addition to the highest number of units sold in the company’s history.
Information technology sector
Omar Abdullah Al-Naamani.
Omar Abdullah Al-Naamani, CEO of Solutions by STC, holds a Bachelor’s degree in Computer Engineering from King Saud University, 1994.
Under his leadership, Solutions strengthened its position in the IT sector in Saudi Arabia, capturing a market share of 22.7 percent, thanks to a series of strategic acquisitions and alliances over the past years.
The company has continued its growth trajectory since the COVID-19 pandemic, and by the end of 2024, it recorded its highest-ever revenue and profit levels, driven by an increase in cumulative contract value.
