Tadweeer posts revenue growth in 2021, to list on Nomu soon: CEO

Logo of National Environmental Recycling Co. (Tadweeer) 

The National Environmental Recycling Co. (Tadweeer) reported revenue growth in 2021, Chief Executive Officer (CEO) Nasser Aldueb told Argaam in an exclusive, expecting the company’s profit to jump between 35% and 40% year-on-year (YoY).

Since its inception, the company recycled 135,000 tons and almost 35,000 tons of electronic and electrical appliances in 2021.

The amount of waste generated annually from electronic and electrical appliances in the Kingdom ranges between 4 and 4.2 million tons, according to several studies, Aldueb said, affirming that it is “very huge” that is sufficient for many companies, not only one.

Figures are promising. The recycling sector is witnessing 5% growth annually, which makes it attractive for local and foreign investments after the application of law to ensure fair competition.

The recycling processes generate metals and basic commodities that are deployed in various industries. Some of those metals and commodities are sold in the local market, especially iron, while other metals, including gold, silver, aluminum and copper, are exported.

Replying to a question about Tadweeer’s future plans, Aldueb said the company is pursuing its expansion plan. It acquired a large industrial land plot on Al-Kharj road. It also aims to ramp up production capacity to 250,000 tons annually, in order to rank among the world’s top ten recycling firms.

Tadweeer is planning to list shares on Nomu-Parallel Market and deploy artificial intelligence (AI)-based technologies. The Kingdom is the fifth country worldwide to use this technology, he concluded.