Climate Change Data

Environmental Metrics

ESG Focus Areas

• Not disclosed

Environmental Achievements

• Not disclosed

Social Achievements

• Continued training program for 72 recent graduates in cooperation with the Ministry of Labor through the Human Resources Development Fund (HRDF); Supported the welfare of its employees by providing educational assistance to the children of its employees; Encouraged employee involvement in local community activities through charitable establishments and other similar institutions.
• Organized a party for all employees during Ramadan and conducted a football tournament for employee entertainment.

Governance Achievements

• Finalized accounting policies necessary for the preparation of financial statements under IFRS; Announced transformation phases to adopt IFRS on the Saudi Stock Exchange Website (Tadawul); Established controls on counter-party risks and uses derivative instruments to hedge its major risk exposures; Property risks, Business Interruption, Public/Product Liability etc. are covered through appropriate insurance policies.

Climate Goals & Targets

Environmental Challenges

• Net loss of SR 199 million due to market collapse from June 2016 onwards, intensified price competition, and margin losses; Job losses due to market contraction; Financial constraints due to contracting market.
• Ongoing political problems in Turkey leading to lower sales for Mass Kablo.

Mitigation Strategies

• Completed financial restructuring with four lenders and SIDF, rescheduling debt repayment over 7 years; Reduced capacity and output, lowered costs to align with market conditions; Adjusted capacity and cost structure to new market realities; Elimsan subsidiary continued to grow and achieved profitability in the 4th quarter; Export activities grew, lifting the export share of turnover to more than 10%; Focused on maintenance activities in a period where new projects are scarce; Sale of real estate assets to reduce financial burden (in progress); Renegotiated short-term debts; Exploring other markets in the Middle East for Mass Kablo; Increased focus on Medium and Low Voltage capability in the domestic Turkish market for Mass Kablo; SAP implementation to improve market responsiveness.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement

• Not disclosed

Climate-Related Risks & Opportunities

Physical Risks

• Not disclosed

Transition Risks

• Not disclosed

Opportunities

• Not disclosed

Reporting Standards

Frameworks Used: IFRS

Certifications: Null

Third-party Assurance: Not disclosed

UN Sustainable Development Goals

• Not disclosed

Not disclosed

Sustainable Products & Innovation

• Development of accessories for High Voltage and Extra High Voltage

Awards & Recognition

• Not disclosed