In 2024, Salam International delivered a strong recovery in revenue, growing by 9.3% to reach QAR 1.681 billion, its highest in recent years. The rebound was powered by increased volumes across key subsidiaries, particularly in industrial, luxury retail, and contracting activities. Real estate revenue remained stable, although modestly lower, as lease rates held flat despite high occupancy. While revenue momentum was strong, margin dilution became a key theme. Operating costs rose by nearly 13%, offsetting much of the top-line growth and reducing gross margin to 27.6% (from 29.9% in 2023). Gross profit rose only slightly, from QAR 459.6 million to QAR 465.0 million. A standout achievement in 2024 was the significant reduction in general and administrative expenses, which fell by QAR 36.9 million. This brought the G&A ratio down from 21.9% to 17.8%, marking a real structural improvement and highlighting the success of cost rationalization initiatives implemented the previous year. However, the Group's other income fell sharply, and impairment losses on receivables increased once again. These factors, coupled with persistent finance costs, kept EBIT essentially flat at QAR 171.7 million and left EBIT margin at 10.2%, down from 11.3%. Net finance cost remained elevated, though slightly improved at QAR -122.2 million, allowing the Group to improve its interest coverage ratio to 1.29x. The impact of financial leverage continued to weigh on results. Ultimately, net profit rose modestly to QAR 47.6 million (attributable to owners), and EPS improved to QAR 0.045. The result reflects stronger internal control, better execution discipline, and early signs of revenue scalability — but also highlights the ongoing challenge of transforming revenue growth into stronger bottom-line performance under a leveraged capital structure.