Group Finance safeguards the integrity of SEDCO Holding’s financial records, platforms and reporting systems, and is responsible for maintaining the Group-wide balance sheet.
During the year, the new reporting standard IFRS 16, covering lease transactions, was implemented across the Group using only internal resources.
To optimize the Group balance sheet from a Zakat and tax perspective and further strengthen SEDCO’s financial statements, the ownership of two large portfolio companies was restructured in 2019.
The department is actively involved in the annual audits of most SEDCO operating companies, ensuring timely resolution of any issues faced by the management teams and external auditors.
As part of digital transformation, dashboards for performance reporting and analytics have been implemented and are now under testing.
To be ‘best in class’, further enhance operational efficiency, and increase productivity, Group Finance Department has the constant objective of adding more value to the Group and all related stakeholders.
Group Finance is one of the first departments to take the initiative of hiring Saudi female talents and has consistently increased its annual Saudization ratio by hiring Saudis with finance and accounting expertise. A master plan is being compiled to provide staff with leadership training and help them to acquire professional certifications.