Sustainability
In 2023 we created our first sustainability strategy, underpinning all the work we needed to make our vision a reality. It covers our material issues under three pillars – Sustaining People, Sustaining Agriculture and Sustaining Planet.
The vision, mission and pillars in the strategy set out our commitment to building a business that can sustain its growth over the long term and deliver social and environmental value alongside financial returns.
Giving at TFC means supporting our local communities through various activities such as One Million Tree initiative. It is not merely a philanthropic extension of our work, it is integral to our business activities and means of creating wider value for all our stakeholders.
We see TFC’s earning activities from the view of the whole value chain. Through our business operations, we earn the capital to invest in growing responsibly, and so creating more value for all our stakeholders in the long term.
This report details our sustaining activities and the approach we take to it. Our sustaining activities underpin our long-term ability to earn and give for generations to come.
To define our sustainability strategy, we took a double-materiality approach, to ensure we are focused on relevant risk areas where we can create value for Tanmiah and its stakeholders. This involved three phases
We established a list of 66 relevant environmental, social and governance issues through a process of external benchmarking with peers, partners, and recognized frameworks like the Global Reporting Initiative (GRI), The Sustainability Accounting Standards Board (SASB), the Saudi Exchange ESG disclosure guidelines, Saudi Vision 2030, the United Nations Global Compact (UNGC), and the United Nations Sustainable Development Goals (UNSDG).
By working with key internal stakeholders, we took the list of issues through a number of filters, including our organizational values, business model and strategy. This analysis was accompanied by consideration of issue impacts, time frames and probabilities. This process led to a short list of 17 issues to take forward for further analysis.
The Board of Directors then reviewed and considered the recommended shortlist and defined the final set of material issues. These then formed the foundation of our focus areas.
Building customer trust through high quality & safety of product and responsible labelling
Climate and water action
Reducing waste at every stage of farm-to-fork cycle
Strong corporate culture
Investment in talent
Diversity, Equity & Inclusion
Health and safety of workforce
Building resilient ecosystems through continuous innovation and R&D
Our business is growing fast, and we’ll sustain that growth and deliver long-term value for all stakeholders by embedding the management of sustainability priorities deep into our business. Our strategy was built on a strong foundation of materiality, and is aligned to the UNSDGs.
To become the number one global halal sustainable healthy protein company by 2030.
To empower our people to produce healthy, safe, affordable products for our consumers while creating more value for people, investors, the community and environment.
Supporting and enabling our people and communities to thrive
— Investment in talent
— Diversity, equity and inclusion
— Health, safety and compliance with Saudi GAP regulations
Practicing the highest standards of animal welfare and sustainable resource use
— Animal welfare and biosecurity
— Afforestation of Saudi desert
— Sustainable animal feed production
— Sustainable resource use
— Responsible water use
Taking a carbon neutral approach across our activities
— Climate action
— Energy efficiency
— Reducing waste
— Sustainable packaging
Supporting people and communities, enabling them to thrive, is an essential part of TFC fulfilling its vision. Their commitment, ingenuity and drive will grow the business and enable us to achieve our goals whilst delivering positive impact.
We are committed to the highest standards of animal welfare and sustainable resources use, producing the best quality products possible. We are already benefiting commercially and sustainably through sourcing raw material, improving production efficiencies, and creating value chain synergies with our local and international partners.
Delivering our strategy will ensure we are playing our part as a responsible corporate citizen, and also building a stronger, more resilient and efficient business. This will see us innovate, turning waste into energy and value and so reducing our exposure to external shocks. Efficiency in our production and operations reduces waste and enables more agility in our business. As the world changes to be low carbon through policy and procurement changes, by delivering on our strategy, TFC will be better positioned because of what we’re doing on sustainability, especially around efficiencies of energy and waste.
