Corporate Review
Group Finance Department

Group Finance protects the Group’s financial position by maintaining the integrity of its financial records, platforms and reporting systems. Activities include accounting operations, performance reporting and treasury related tasks, and as a trusted adviser to other business functions.

“WE ACHIEVED STRATEGIC OBJECTIVES AND MET OUR LEGAL, ACCOUNTING AND COMPLIANCE OBLIGATIONS THROUGH FORESIGHT AND BY HAVING THE RELEVANT TOOLS IN PLACE TO PRE-EMPT POSSIBLE OBSTACLES.”

While 2021 continued to be a challenging year, Group Finance Department mitigated the impact of the pandemic on the Group by proactively monitoring its financial impact to enable the Board and executive committees to make informed and accurate decisions.

We achieved the targeted strategic objectives for 2021 and met our legal, accounting and tax compliance obligations through foresight and by having the relevant tools in place to pre-empt possible obstacles. We led the Group wide implementation of electronic invoicing as per requirements of the Zakat, Tax and Customs Authority (ZATCA).

With our remit to support the Group subsidiaries, we nominated key senior team members to take up different roles, including one as Acting CEO. We were able to ensure no disruption to finance processes and deliverables, despite the increased workload and significant use of key resources to fill these roles.

Group Finance maintained the optimum utilization of liquidity to lower cost of funding through cash pooling and centralized Treasury operations across the Group. Moreover, we have successfully established new credit facilities and restructured current facilities to enjoy more flexibility in providing capital at very competitive profit margins, in line with what is offered to top tier companies in the Kingdom, while maintaining balance sheet strength and credit worthiness, optimizing zakat cost over long-term borrowings for SEDCO Holding.