Intimaa Real Estate Services Company is a provider of fullspectrum real estate and facilities management services in Saudi Arabia. The company was founded in 1997 as a wholly owned SEDCO Holding subsidiary.
Intimaa responded to the challenge of a slow market recovery by restructuring its business to boost performance. The company has focused on growing its main lines of business, improving internal management and bolstering cost controls. Mall Management was segregated as a standalone business line, while Operations & Management (O&M) and Project Management (PM) activities were also separated to enhance accountability.
Intimaa cut fixed costs by 20%, reduced outstanding revenues and also brought down bad debt provisions. Revenue increased by 9.3% over the previous year, with all business lines returning to positive operating income.
Mall Management services launched a stand-alone business line to leverage Intimaa’s decade of experiencing in managing the Red Sea Mall, with the new business line winning two mall contracts in 2018. O&M was also segregated and offered as a standalone service.
A VAT invoicing system was implemented to improve tracking and reduce VAT reporting overheads for clients.
Intimaa maintained its Platinum Saudization rating the Ministry of Labor, and launched an initiative to ensure all senior managers are fully bilingual.
Looking to the future
In 2019 Intimaa will continue its focus on improving financial controls, internal processes and operational efficiency. The firm is targeting increased market penetration for key service lines to improve bottom-line performance.