04. Finance In an unprecedented manner in 2023 , ARDCO continued its approach in maintaining the financial strength and raising its recurring operating revenuesThe company also furtherdeveloped its business through • Revising financial procedures , allowing for better monitoring and improvement of performance (Via periodic financial reports for centers and markets , capital expenditure reports , occupancy rate reports , and pricing strategy for operational and leasing activities) • Addressing and consolidating legacy issues , which positively impacted decision-making through providing important context for previous cases. • Developing and automating models for the 2024 budget across all ARDCO departments and divisions • Complying with the Capital Market Authority’s laws , policies , and procedures without incurring any violations • Completion of all zakat procedures in a timely manner • Settling outstanding financial disputes for some of our assets , leading to a significant rise in our occupancy rates • Revising and consolidating our internal collection system and developing a clear mechanism , contributing to a significant increase in our operating rates and collecting over 117 Mn SAR during the previous period. • Consolidating and reviewing all legal cases in conjunction with the legal department and our centers and markets , leading to settling 21 cases in our favor and receiving approximately 950 thousand SAR in 2023 We were also able to secure final rulings for the company in 22 pending cases , with further work underway to collect 22 Mn SAR as a result • Building an institutional relationship with a wide segment of Saudi banks and financial advisors 05. Legal Affairs In 2023 , ARDCO’s legal department played a key role in protecting the rights and interests of the company against other parties , holding the responsibility of handling any disputes that may have arisen from any actions or decisions taken by the company In addition to this key role , the department also consulted and advised the top management in all trade and legal matters that the company had faced 06. Corporate Transformation and Digitization At ARDCO , we worked to attract a well-integrated workforce and develop their skills and capabilities in order to achieve our corporate objectives and priorities in 2023 Through digitization , we adopted cutting-edge technology across various workflows , gathering and analyzing data to monitor and follow up on improvement and expansion opportunities , digitizing most processes and correspondences , and developing applications to support our business This helped raise productivity and increase operating efficiency to allow us to reach our goals and aspirations
Employee & Corporate Culture At ARDCO , it was our utmost priority to make our work environment highly engaging and professional to attract and build an integrated working team We have set a plan to further develop our corporate culture during 2024 across four key pillars Talent Attraction¬ At ARDCO , we believe that , in order to achieve ambitious goals and aspirations , high-level competencies and skills are key by taking charge and driving the company towards our ambitions As such , we attracted 15 highly competent individuals for 2023 across various corporate functions , with expertise in the fields of real estate development , asset management , and financial investments Additionally , we developed a workforce plan as well as a roadmap to improve employee efficiency Saudization & Women Empowerment¬ During 2023, ARDCO diligently worked to advance its efforts to nationalize its workforce , increasing the percentage of Saudization from 52% to 75% , resulting in a raise from a medium green rating to platinum in the Nitaqat program We are committed to empowering our female workforce and fostering their growth within our organization For the first time in our company ’ s history, we have appointed female talent in a leadership position We have also increased the number of women participation in our business from 44% to 8%
• Increased our Saudi workforce from 52% in 2022 to 75% in 2023 , raising our rating from medium green to platinum in the Nitaqat program
2022 2023
52%
medium green platinum
75%
• Digitized and documented 93% of employee contracts on the Qiwa platform in 2023 , up from 35% last year
35%
93%
• Increased the percentage of females in the company from 44% in 2022 to 8% in 2023
4.4%
8%
15 Male and female employee Recruitment
Diversity and inclusion
Saudization
Platinum on Nitaqat
73% 8%
21
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