The International Automobile Federation (FIA), the global agency supervising motor sport and the Federation of Mobility Organizations around the world, announced today a basic transformation that is very important in its financial position led by the President of the International Motor Federation, Mohammed bin Salim.
At the end of the fiscal year 2024, the Federation stated that it had achieved strong operating results of 4.7 million euros, and an operating income of 182 million euros. This reduces a significant financial loss amounting to -24 million euros in 2021, before the election of Muhammad bin Salim.
In line with Bin Salim’s pledge in his electoral statement, and under the new leadership of the International Automobile Federation since 2021, the organization underwent a comprehensive strategic transformation with the aim of improving its systems and internal operations radically.
The transformation process included strengthening the organization, improving its work practices, and moved to a more efficient and sustainable business model. Today, the result of today, which will be published in the report of the International Automobile Federation for the year 2024 in June, reflects this positive shift.
In this context, Muhammad bin Salim said: “When I elected the President of the International Motor Federation, I committed to guaranteeing a profitable process. Today, I feel very proud because we have achieved this task, achieving the strongest financial results in eight years.”
He added, “Improving governance, transparency, and financial health of the International Motor Federation was a major hub in a pledge in the electoral polish, and I will continue to work with all the internal and external parties to make a positive change within the International Motor Federation, to achieve better results for our member clubs, our employees, and for everyone.”
The operating result of 4.7 million euros is a significant improvement over 2023, with a growth in operating income of 26.7 million euros, respectively, an increase of 17% on an annual basis. The International Motor Federation did not have any financial debts at the end of the fiscal year 2024, and it also reported the percentage of good royal rights of 45%.
The current leadership team has worked hard since 2021 to improve its systems, controls and internal operations. He greatly strengthened and completed purchasing monitoring, applied a quarterly annual reports, and established a model of financial guidance that enables effective decisions within senior management.
This model was able to increase the budget control, and allowed the International Automobile Federation to review its prices and re -allocate resources to achieve its strategic priorities in the best way in motorsport and mobility.
In addition to these important procedures, the International Automobile Federation created a second general assembly in the middle of the year, to ensure the preparation of the audited financial accounts for the previous year within the appropriate time frame for the issuance.
For the second year in a row, the International Automobile Federation will publish a full report on activities before the General Assembly was held in June. This year, the activities report has been improved through a new offer of profits and losses, which enhances clarity and transparency.
The reinforced financial situation of the International Federation of Motors (FIA) will come out of the five -year period of large operational losses, which enables it to provide a global level of level for its 245 members of the members around the world, in addition to re -investing in the seven world championships under its supervision.
The FIA, a non -profit organization, has a prominent position that enables it to continue achieving its basic goals, such as enhancing popular participation in motorsport and pushing the sustainability agenda on a large scale.
Commenting on the photo: Muhammad bin Selim, President of the International Automobile Federation: “Improving governance, transparency and financial health of the International Motor Federation (FIA) was the pledge in the electoral polish.”
