In a world fraught with global macroeconomic challenges, high levels of public debt, political polarisation, and significant geopolitical shifts, we must strategically navigate these complexities and adapt swiftly to changing global dynamics.
The South African economy remains under pressure and faces many challenges. However, the ACTOM Group has navigated this exceptionally well, achieving outstanding results across our organisation. We have also made significant progress in addressing maintenance upgrades across our various factories, with substantial enhancements and introducing new technology and capacity expansion initiatives. We have made major progress in upgrading our Management Information systems across multiple Divisions.
Our health and safety performance is currently at an LTFIR of 0.56. I commend everybody for maintaining a safe working environment, which is our key priority.
People are our greatest investment, and ACTOM is steadfast in its commitment to enhancing training and development. This year, we have relocated our ACTOM Training Centre to our new and expanded facility in Driehoek. The investment in the ACTOM Training Centre is of major strategic importance not only to ACTOM but also to the country. This year, we have launched our ACTOM Academy, an ACTOM leadership program designed to develop talent within the Group. This initiative aims to create a leadership pool for succession planning and to ensure the long-term sustainability of our company.
We have accelerated our wellness initiatives, focusing on promoting health and well-being among our employees and the broader community. This year, we successfully organised two ACTOM races, which have become significant events in our wellness calendar. The race held in Vanderbijlpark saw approximately 1100 runners participating. Such events encourage physical fitness and serve as a means of uniting people and fostering a sense of community. We recognise the role of sports in enhancing social cohesion and promoting a healthy lifestyle.
In South Africa, we have experienced a period of relative stability following the implementation of the Government of National Unity (GNU) structure. The seventh administration of our government has been functioning relatively well, and we have witnessed significant structural reforms under the auspices of Operation Vulindlela. This initiative has been instrumental in driving progress, particularly in the electricity, water, transport and communications sectors, setting the stage for accelerated GDP growth outcomes for the country.
We are witnessing a significant ramp-up in power generation build programs. I am also optimistic following the formation of the National Transmission Company of South Africa (NTCSA), which effectively paves the way forward for the rollout and execution of the Transmission Development Plan. This development will bode well for ACTOM, increasing demand for our suite of products and creating major Engineering, Procurement, and Construction (EPC) opportunities.
Our advocacy efforts for localising products needed for various infrastructure projects in South Africa continue. This is fundamentally required to address unemployment and inequality in our country and stimulate GDP growth.
As we reflect on the past year, I would like to take this opportunity to thank all our staff for their hard work and dedication. Your commitment and perseverance have enabled us to navigate challenges and achieve our goals. I want to thank all employees who retired this year after many years of selfless service to ACTOM, welcome all new employees, and wish them well with their careers at ACTOM.
As the year draws to a close, I wish you all a Merry Christmas and a blessed New Year. May this festive season bring you and your loved ones joy, peace, and prosperity. Let us take this time to relax, recharge, and prepare for the year ahead with renewed energy and enthusiasm.
Mervyn Naidoo