Latest news with #GroupCEO
Zawya
8 hours ago
- Business
- Zawya
Mace reports record revenue as ‘year of transition' sets it up for global growth
Dubai, United Arab Emirates – Mace, the global delivery consultants and construction experts, has published its 2024 Annual Report & Accounts. The company achieved another year of growth and strategic progress, delivering record turnover and a record year end cash balance despite a backdrop of volatility and macroeconomic uncertainty. Key highlights Revenue was AED 13.91bn (£2.79bn) (+18.3%). Construct grew by 21.0% to AED 10.5bn (£2.1bn). Consult grew by 10.8% to AED 3.4bn (£686.6m). Operating profit was AED 252.7m (£50.7m). Cash at 31 December 2024 was AED 1.6bn (£320.2m) The Group's pipeline of future work totalled AED 35.9bn (£7.2bn). Headcount surpassed 8,000 for the first time. New Group Chief Executive and Group Board in place from 1 January 2025. Group on track to grow revenue to AED 14.9bn (£3bn) by 2026 with new era of expansion under Group Chief Executive, Jason Millett. Jason Millett, Mace Group Chief Executive, said: '2024 was a year of transition and significant strategic progress as we continued to strengthen our global platform and build greater resilience across the Group. We are pleased with our financial performance [particularly in Consult], generated record revenue and achieved a record cash balance despite well-publicised economic and industry-wide challenges. 'We enter 2025 with a strong pipeline and an enhanced leadership team and are well positioned as we look towards 2030 and beyond.' 2024 Performance and Governance In 2024, Mace set the target of doubling the scale of the Consult business by 2030. This would take annual revenues to AED 5.9bn (£1.2bn) and the business is on track to achieve this. In 2024, Mace Consult's profits increased by 74% from 2023 to AED 387.3m (£77.7m), achieving a revenue of AED 3.4bn (£686.6m). Standout appointments included the Hudson Tunnel Project in New York, which is estimated to create 95,000 jobs and King Salman International Airport, which is expected to welcome more than 100m visitors to Saudi Arabia. Mace's appointment as programme management partner with the MTR Corporation for the delivery of new railway extension projects is Consult's biggest ever win in Asia. 2024 was a more challenging year for Construct (which operates predominantly in the UK). Revenue of AED 10.5bn (£2.1bn) produced profit before tax of AED 78.2m (£15.7m). The business completed a number of landmark projects in the UK such as 40 Leadenhall Street and secured exciting new projects such as the London Gatwick Pier 6 extension and The Daubeny Project to deliver the next phase of The Oxford Science Park. It also continued to invest in new production techniques that will drive improvements in quality and productivity, as demonstrated at Chapter Living, London Bridge. A new governance structure was established on 1 January 2025. There is a new Group Chief Executive and a new Group Board, which includes six independent non-executive directors. The changes align the way Mace works with the principles of the UK Corporate Governance Code and will ensure that the Group's most important decisions are open to independent challenge and scrutiny. 2026 Business Strategy and 2030 Vision In 2021, Mace Group's 2026 Business Strategy set ambitious growth targets. The 2024 Annual Report shows that Mace remains on track to achieve its goal of generating annual revenue of AED 14.9bn (£3bn) by 2026. In 2024, it achieved its target of employing more than 8,000 people two years early. This growth has been achieved by targeting a wide range of attractive, expanding markets and sectors across four hubs: Europe, the Americas, Middle East and Africa and Asia Pacific. Mace's ambition is to be world leading delivery consultants and construction experts. The business is currently developing its 2030 Vision: taking account of how the world is changing and defining how we can leave positive, lasting legacies through what we do and how we do it. This new strategy will give the company greater focus, clarity and impact in how it works. Leading with purpose Mace remains committed to setting ambitious targets when it comes to our value of 'Safety first – Going home safe and well'. The Group's accident frequency rate remained ahead of target at 0.036. Our strategic priority to Pursue a Sustainable World continues to inspire us to accelerate the built environment's response to the climate emergency. Mace saved 3.41m tonnes of client carbon during the year. Looking at every part of its sphere of influence to identify opportunities, Mace contributed AED 4.6bn (£933m) to society. The Mace Foundation supported 125 charities around the world, helped 2,487 homeless people and empowered 5,400 young people through education and access to employment opportunities. In 2024 99% of invoices were paid within 60 days, up from 95% in 2023. Research and development investment totalled AED 356m (£71.4m), helping Mace make advances in digital technology and complete Palmerston Court, the largest Passivhaus building in the UK.
Zawya
19-05-2025
- Business
- Zawya
RAK Ceramics achieves nearly $13.28mln profits in Q1-25
Abu Dhabi: RAK Ceramics registered AED 48.87 million in the first quarter (Q1) of 2025, lower by 22.30% than AED 62.90 million in Q1-24. The company generated revenues amounting to AED 776.53 million as of 31 March 2025, down 0.70% year-on-year (YoY) from AED 781.62 million, according to the financial results. Basic and diluted earnings per share (EPS) declined to AED 0.047 in Q1-25 from AED 0.058 a year earlier. Abdallah Massaad, Group CEO of RAK Ceramics, said: "In Q1-25, we faced a highly complex macroeconomic landscape, characterized by geopolitical uncertainties, inflationary pressures, and shifting consumer demand.' 'Despite a minor revenue decline of 0.70%, our gross profit margins improved, on the back of rolling out improvements in operational efficiency,' Massaad elaborated. He added: 'The UAE continues to be our strongest market with growth driven by robust real estate activity, while our KSA market continues to show encouraging signs, aided by recent customs duty relief measures.' 'We have made strategic progress in manufacturing, with our new large-format tile production facility in the UAE currently in the commissioning stage. The facility will be commercially operational by the end of 2025,' the CEO noted. In 2024, the net profits retreated by 27% YoY to AED 234.08 million from AED 320.85 million.
The Herald
13-05-2025
- Business
- The Herald
Eskom implements stage 2 load-shedding during evening peak
Eskom has announced the implementation of stage 2 load-shedding from 4pm on Tuesday until 10pm on Thursday. The power utility said the measure is necessary to manage limited generation capacity and ensure continued electricity supply during working days. Its decision comes after the delayed return of generation units amounting to 3,120MW, and an additional loss of 1,385MW in the past 24 hours due to unplanned breakdowns. 'The primary reason for the setback is the delay in returning several units from planned maintenance,' it said. Eskom said the delays and unplanned capacity loss that has temporarily exceeded 13,000MW align with the risk scenarios shared in its winter 2025 outlook. 'Eskom is emerging from an intensive maintenance cycle, which is essential for long-term reliability but temporarily reduces system flexibility and resilience. As a result, the grid is more sensitive to unexpected disruptions,' it said. The power utility said load-shedding incidents have significantly decreased compared to previous years. It said the recent setbacks affected operational performance and have been acknowledged in its winter outlook, together with a clear recovery plan. Group CEO Dan Marokane said their new operational excellence programme is key to restoring performance. 'We are reinforcing oversight, strengthening accountability and aligning service providers with stricter performance standards. This forms part of our broader drive for consistent improvement through systems, people and processes,' he said. Marokane said the delays in returning units are urgently being addressed by senior leadership. Eskom said despite pressures, the system is in a significantly stronger position than in past winters. 'We continue to expand capacity. Three major Eskom projects are on track to bring an additional 2,500MW to the grid, a crucial milestone towards full recovery, with commitment from our private sector partners to deliver on their commitments.' TimesLIVE
Zawya
08-05-2025
- Business
- Zawya
EMSTEEL launches green finance framework to accelerate sustainable growth
EMSTEEL today announced the launch of its first Green Finance Framework, an initiative that marks a pivotal step in aligning the Group's financial strategy with its long-term sustainability and decarbonisation goals, positioning EMSTEEL at the forefront of sustainable finance in the region. The Framework enables EMSTEEL and its subsidiaries to issue a variety of green finance instruments-including green bonds, loans, commercial papers, and medium-term notes (MTNs)-across multiple currencies. Proceeds will be exclusively allocated to finance or refinance eligible green projects that meet stringent environmental criteria. These projects include low-carbon steel and cement production, renewable energy installations such as solar photovoltaic systems, energy-efficient technologies, and innovations driving decarbonisation. Commenting on the launch, Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL, stated, 'Our Green Finance Framework is more than a financial tool – it is a strategic lever to accelerate our transition towards a low-carbon future. It reflects our commitment to aligning our fund raising activities with internationally recognised market standards for green financing and channelling funds toward environmentally responsible projects. Through this initiative, we aim to support the decarbonisation of our operations, foster innovation in low-carbon steelmaking and create long-term value for our shareholders, society, and the planet.' Mark Tonkens, Group Chief Financial Officer, said, 'The launch of our Green Finance Framework marks a pivotal step in reinforcing EMSTEEL's commitment to sustainability. Aligning our financial strategy with global green finance standards enables us to secure funding for high-impact projects and positions us as a leader in the region's transition to a low-carbon economy." Developed in accordance with internationally recognised best practices, the Framework ensures a robust and transparent approach to the issuance, management, and reporting of green finance instruments. Moody's Ratings has provided a Second Party Opinion (SPO), awarding the Framework a Sustainability Quality Score of SQS2 (Very Good), enhancing investor confidence in EMSTEEL's sustainability-focused capital strategy. The Framework's development was supported by key partners, including ING as Lead Sustainability Structuring Bank and First Abu Dhabi Bank (FAB) as Sustainability Structuring Bank, highlighting strong regional collaboration in advancing sustainable finance, highlightin
Arabian Business
07-05-2025
- Business
- Arabian Business
Kate-Lynne Wolmarans
Ahmed Abdelaal, Group CEO of Mashreq, on humanising digital transformation, building a bank that listens, and reshaping the role of financial institutions in a changing world
