Dubai: The Federation Internationale de l’Automobile has reported its strongest financial performance in almost 10 years, marking a significant turnaround under the presidency of Mohammed Ben Sulayem.

According to figures released this week, the global governing body for motorsport and mobility organisations achieved an operating result of €4.7 million ($5.2 million) for the fiscal year 2024, a dramatic recovery from the €24 million loss recorded in 2021, the year before Ben Sulayem took office.

The turnaround is attributed to a wide-ranging strategic transformation led by the administration. Since taking office, Ben Sulayem has prioritized reforms in financial governance, transparency and operational efficiency across the organization.

“Upon my election as president of the FIA, I committed to ensuring a profitable operation,” said Ben Sulayem. “Today, I am incredibly proud to show that we have achieved this mission, delivering the strongest set of financial results in eight years.”

The FIA reported a total operating income of €182 million for 2024, a 17 percent year-on-year increase, with no outstanding financial debt and an equity ratio of 45 percent, signaling improved financial stability.

Key reforms introduced since 2021 include strengthened procurement controls, the introduction of quarterly internal reporting and a robust financial steering model. These changes have improved budget oversight and allowed the FIA to better allocate resources in line with its strategic objectives across both motorsport and mobility.

The federation also introduced a mid-year general assembly, ensuring more timely financial accountability, and will publish its second consecutive annual activity report ahead of the 2024 general assembly in June. The latest report will include a newly enhanced profit and loss presentation format aimed at increasing transparency.

The improved financial position enables the FIA to reinvest in its core programs, including support for 245 member clubs worldwide and the development of the seven world championships under its governance. It also strengthens the FIA’s ability to deliver on key objectives, including sustainability initiatives and grassroots motorsport development.

A nonprofit organization, the FIA is now well positioned to build on its financial recovery and continue delivering on its broader mandate to promote safe, accessible and sustainable motorsport on a global scale.

IMOLA, Italy: Oscar Piastri fought his way through traffic to take pole position in the Emilia-Romagna Grand Prix on Saturday as Ferrari had a terrible session, with neither car in the top 10.

Piastri seemed to lose valuable time getting past cars toward the end of his final qualifying lap but it still proved enough as Max Verstappen fell just .034 of a second short of the Australian’s time.

That gives Piastri a big advantage in Sunday’s race at a track where overtaking is notably difficult.

George Russell took third for Mercedes, pushing Piastri’s McLaren teammate and title rival Lando Norris down to fourth.

It was a tough day for the home fans as Ferrari drivers Charles Leclerc and Lewis Hamilton and Formula 1’s sole Italian driver, Kimi Antonelli, all qualified outside the top 10. All three were caught out by rivals improving their times at the end of the second part of qualifying, with Leclerc 11th, Hamilton 12th and Antonelli 13th.

Earlier in the session, heavy crashes for Red Bull’s Yuki Tsunoda and Alpine’s Franco Colapinto brought out the red flag.