Annual Report 2018 Our Greatest Strength Is Our Team Spirit
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Our Greatest Strength Is Our Team Spirit Annual Report 2018 Custodian of the Two Holy Mosques King Salman bin Abdul Aziz ( May Allah protect him ) His Royal Highness Prince Mohammad bin Salman bin Abdul Aziz Crown Prince Vice President of the Council of Ministers & Minister of Defence ( May Allah protect him ) Table of Contents Board of Directors 8 Chairman’s Statement 10 Vice Chairman and Managing Director’s Statement 12 Operation Sector 80 SASCO Palm Co. 88 SASCO Al Waha Co. 92 Chief Executive Officer’s Statement 14 Vision 16 Mission 17 Ostool Al-Naqil Co. 94 Saudi Automobile & Touring Association, SATA 98 Auto & Equipment Investment Co. 102 Al-Nakhla Al-Oula Co. 106 SASCO Franchise Co. 108 SASCO Overview 18 Main Business Sectors 20 Plans and Decisions 22 Other Administrative and Operational 110 Information Risks Management 114 Internal Control 120 Corporate Governance 124 Most Important Achievements in 2018 26 Financial Statements 128 Board of Directors and Committees 32 Financial Statement at SASCO Level 62 Board of Directors The Board of Directors is pleased to present to you SASCO Annual Report for the fiscal year ending on December 31st, 2018. It includes the Board of Directors’ Report on SASCO financial results, its various activities, as well as the achievements made thanks to Allah, and then to the efforts of all members of the Board, the executive management, and all staff. 6 Annual Report 2018 7 Board of Directors Mr. Ibrahim bin Mohammed Al-Hudaithi Chairman | Head of Executive Committee Qualifications and experience: He is a businessman, holding the Secondary school certificate and enjoying more than thirty seven years in corporate Present Occupations: Previous Occupations: management. He occupied many positions including the deputy Chairman of the Saudi Chambers of Commerce. He also ` Chairman of Al-Madaen Star Group. ` Vice Chairman of the Saudi Chambers of Commerce. participated in the boards of CMA-listed and unlisted shareholding companies such as Al-Madaen Star Group, Akwan ` Chairman of Mulkia Investment Co. ` Chairman of Al Kharj Industrial Chambers of Commerce. Real Estate Co., Ibrahim bin Mohammed Al-Hudaithi Investment Co., Zawaya Real Estate Co., Nahaz Investment Co. and ` Board member of Nahaz Investment Co. ` Member of Al Kharj Governorate Local Council. other companies working in the fields of real estate, services, investment and financial services inside and outside the ` Board member of Solidarity Company. Kingdom of Saudi Arabia. Mr. Sultan bin Mohammed Al-Hudaithi Present Occupations: Mr. Riyad bin Saleh Al Malik de l’Automobile. Vice Chairman | Managing Director | Member of `` SASCO Managing Director. Board Member | Member of Executive Committee | Chief `` Member of the National Committee of Fuel Station Executive Committee `` Board member of United Wire Factories Company Executive Officer Companies in the Council of Saudi Chambers. Qualifications and experience: (ASLAK) Qualifications and experience: Previous Occupations: He holds the Bachelor’s Degree in Accounting with honour `` Board member of Mulkia Investment Co. He holds the Bachelor’s Degree in Business Administration `` General Director of Al Tas’helat Marketing Company Ltd. degree from King Saud University and Masters of Business `` Board member of Nahaz Investment Co. from King Abdulaziz University. He enjoys a vast `` Deputy General Director of Riyadh Development Administration from London Business School. He held Previous Occupations: experience in corporate management, particularly fuel Company. leading positions in many public and private companies `` CEO of Ibrahim Modern Investment Company. stations. He served as the General Director of Al Tas’helat `` Director of Marketing Department of Saudi Real Estate in Saudi Arabia. He enjoys experience in corporate `` Chief Executive Officer of Zaiti Petroleum Services. Marketing Company Ltd., Deputy General Director of Company (Al Akaria). restructuring, strategic planning and investment `` Deputy General Manager for Financial and Riyadh Development Company and board member of `` Sales Director of Saudi Hotels & Resorts Company. management in securities, private ownership and real Administrative Affairs at Al Madaen Star Group. many companies. `` Head of Customs Council of Federation Internationale estate investment. He was a member of boards and `` Board member of Saudi Chemical Co. de l'Automobile. committees in public and private companies including Present Occupations: `` Head of the National Committee of Fuel Station Saudi Chemical, Nahaz Investment Co., Zawaya Real Estate `` SASCO Chief Executive Officer. Co., Al-Madaen Star Group, Middle East Battery Company Companies in the Council of Saudi Chambers. `` Head of Customs Council of Federation Internationale (MEBCO), Mulkia Investment Co. and United Wire Factories Company (ASLAK). Mr. Ali bin Mohammed Aba Al Khail and Aviation and Inspector General. He also worked as Board Member | Head of Nomination and Remuneration an administrative counsellor in the High Commission for Committee Administrative Organization and Deputy Chairman of the Qualifications and experience: Board of Directors of Sanad Investment Company. Mr. Nasser bin Abdullah Al Awfi Present Occupations: He holds the Bachelor’s Degree in Political Sciences Present Occupations: `` Board Member | Head of Audit Committee Board member and Head of Audit Committee of from the Faculty of Administrative Sciences, King Saud `` Vice Chairman of the Board of Directors of Sanad Qualifications and experience: United Cement Industrial Company. University and the Master’s Degree in Government Investment Company. `` He holds the Master’s Degree in Accounting, the Master’s Head of Al Jouf Agricultural Development Company Management from Harvard University, United Sates of Present Occupations: Degree in Business Administration from Southern New Audit Committee. America. He is the secretary of the Head of the Royal Diwan, `` Deputy Director of the Political Affairs Department of `` Hampshire University in the USA and the Bachelor’s Head of Saudi Ceramics Audit Committee. the Deputy Director of the Political Affairs Department the Royal Diwan. `` Degree in Accounting from King Saud University. He Member of Taiba Holding Company Audit Committee. of the Royal Diwan and secretary of Office of Presidency `` Administrative counsellor in the High Commission for enjoys more than thirty one years of experience in Previous Occupations: of Prime Minister. He was appointed in the Office of the Administrative Organization. `` the management of joint stock companies as well as Director of Financial, Administrative and Investment Second Deputy of Prime Minister, Minister of Defence financial, administrative and strategic consultation. He Department of Saudi Pharmaceutical Industries & also participated in the many boards of shareholding Medical Appliances Corporation (SPIMACO). companies and board committees (Audit Committee) `` Vice General Director for Financial and Administrative Mr. Fawaz bin Suleiman Al Rajhi and member of audit committees in a number of joint- such as Al Jouf Agricultural Development Company Affairs of Saudi Livestock Trading Company. Board Member | Member of Audit Committee stock companies. He spent more than a decade in banking. (JADCO), Taiba Holding Company and United Cement `` General Director for Financial and Administrative Qualifications and experience: He held many positions in Corporate Financing Division of Industrial Company. Affairs of Taiba Investment and Real Estate He holds the Bachelor’s Degree in Accounting and Rajhi Bank. He took part in establishing the department Development Company. Information Systems Management from King Fahd of corporate loans and financing subscription of large University of Petroleum and Minerals (KFUPM) and also corporations. He was the person in charge of establishing Mr. Suleiman Bin Ali Al Khudair holds the Master’s Degree in Business Management from the Share and Subscription Department of Al Rajhi Capital Board Member | Member of Nomination and Present Occupations: Stanford University, USA. He is the Chairman of AlRajhi Company. `` Remuneration Committee General Director of Nahil Computers Co. United Investment Holding Company; it is a company Present Occupations: Qualifications and experience: Previous Occupations: investing in capital markets and private transactions `` Chairman of the Board of Directors of Union Al Rajhi. He holds a university degree in sciences from the USA. He `` Technical Director of Nahil Computers Co. on the local, regional and international levels. He has `` Chief Executive Officer of Al Rajhi Union. held many administrative positions, as he worked as a `` Sales Director of Nahil Computers Co. computer engineer in the Ministry of Defence. Then, he `` Deputy General Director of Nahil Computers Co. been leading and directing the Company’s efforts since Present Occupations: moved to the private sector where he worked as a techni- its inception based on the strategy of diversifying the `` Chief Operating Officer of Al Rajhi Capital. cal director, a sales director and deputy general director investment portfolio through a deliberate choice of `` Director of Sales and Distribution, Al Rajhi Capital. in Nahil Computers and now he is its General Director. markets and industries in selected geographical locations, `` Head of Corporate Banking at Al Rajhi Bank. with focus being placed on emerging technology and `` Chief Financial Analyst at Al Rajhi Bank. He participated in boards of many joint stock companies.