Corporate Review
Group Finance Department

Group Finance maintains the groupwide balance sheet and safeguards the integrity of SEDCO Holding’s financial records, platforms and reporting systems.

In 2018, the Group Finance team led the successful implementation of VAT compliance across the Group, covering all operating companies and real estate assets.

During 2018, the Group Finance team continued enhancing the group’s balance sheet. Liquidity ratios were improved and cash utilization optimized. Excess operating company cash was invested in Islamic deposits to boost returns on passive reserves.

The team identified and mitigated liquidity, forex and counterparty risks for better performance. It capitalized on the Group’s size and resources to negotiate major savings on groupwide insurance premiums.

In 2018, the Group Finance team led the successful implementation of VAT compliance across the Group, covering all operating companies and real estate assets. In line with the Saudi Organization for Certified Public Accountants (SOCPA) directives to adopt International Financial Reporting Standards (IFRS), the team produced the first IFRS-compliant financial statements for SEDCO Holding and its subsidiaries.

Group Finance also served as a center of financial excellence for the group’s operating companies and advised them on efficiencies, policies and processes. It facilitated negotiations with banks and service providers for preferential rates. The Group’s liquidity and funding requirements were maintained and strong relationships with external auditors, zakat consultants and tax authorities were continued.

Operational and process workflows were re-organized to deliver products more rapidly. Automated banking solutions and document scanning systems were made more efficient. Group Finance maintained its target of 24-hour turnaround on payments with error-free processing. The team also took a seat at the strategic decision-making table in deciding accounting mechanisms and structures for group investments.