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IMF Selects a Saudi as Chairman for Ad Hoc Audit Selection Committee

Chairman of the Ad Hoc Audit Selection Committee (ASC) Abdullah bin Zarah
Chairman of the Ad Hoc Audit Selection Committee (ASC) Abdullah bin Zarah
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IMF Selects a Saudi as Chairman for Ad Hoc Audit Selection Committee

Chairman of the Ad Hoc Audit Selection Committee (ASC) Abdullah bin Zarah
Chairman of the Ad Hoc Audit Selection Committee (ASC) Abdullah bin Zarah

The members of the Executive Board of the International Monetary Fund (IMF) have unanimously selected the Executive Director of Saudi Arabia at the IMF, Abdullah bin Zarah, as chairman of the Ad Hoc Audit Selection Committee (ASC) and as a member of the Evaluation Committee (EVC) of the Executive Board until Oct. 31, 2024.

The Ad Hoc Audit Selection Committee aims to recommend a suitable candidate as a new member of the External Audit Committee (EAC) that oversees the IMF’s external audit, internal audit, financial accounting and reporting, risk management, and internal control functions.

Members of the External Audit Committee continue their periodic appointments for three years.

The ASC includes, in its current membership, the executive directors of Italy, Australia, Mexico, and Finland.

The Evaluation Committee aims to follow the evaluation function of the IMF closely and to advise the Executive Board on matters related to evaluations, including those relating to the Independent Evaluation Office (IEO), which is responsible for conducting independent and objective assessments of the IMF’s policies and activities.

The office has an agenda on the evaluated topics, and this schedule is updated periodically. In addition to the Executive Director of Saudi Arabia, this committee currently includes the executive directors of Canada, the United Kingdom, Germany, Italy, Mexico, Singapore, and Zimbabwe.

The appointment of bin Zarah was based on his extensive experience and deep knowledge in several financial and investment fields, public debt management, credit and asset management, corporate finance, and treasury.

He was the Head of Operations and Chief Executive Officer at the Debt Management Office.

Last October, Saudi Arabia concluded a memorandum of understanding with the IMF to establish a regional office in Riyadh to enhance its presence in the region and provide economic recommendations to the Gulf countries and the area.

In 2021, the Saudi Minister of Finance appointed bin Zarah as the Executive Director representing Saudi Arabia at the International Monetary Fund.

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Business

Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
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Revenue Growth, Improved Operational Efficiency Boost Profitability of Saudi Telecom Companies

A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)
A man monitors the movement of stocks on the Saudi Tadawul index. (AFP)

Telecommunications companies listed on the Saudi Stock Exchange (Tadawul) achieved a 12.46 percent growth in their net profits, which reached SAR 4.07 billion ($1.09 billion) during the second quarter of 2024, compared to SAR 3.62 billion ($965 million) during the same period last year.

They also recorded a 4.76 percent growth in revenues during the same quarter, after achieving sales worth more than SAR 26.18 billion ($7 billion), compared to SAR 24.99 billion ($6.66 billion) in the same quarter of 2023.

The growth in the revenues and net profitability is the result of several factors, including the increase in sales volume and revenues, especially in the business sector and fifth generation services, as well as the decrease in operating expenses and the focus on improving operational efficiency, controlling costs, and moving towards investment in infrastructure.

The sector comprises four companies, three of which conclude their fiscal year in December: Saudi Telecom Company (STC), Mobily, and Zain Saudi Arabia. The fiscal year of Etihad Atheeb Telecommunications Company (GO) ends on March 31.

According to its financial results announced on Tadawul, Etihad Etisalat Company (Mobily) achieved a 33 percent growth rate of profits, bringing its profits to SAR 661 million by the end of the second quarter of 2024, compared to SAR 497 million during the same period in 2023. The company also achieved a 4.59 percent growth in revenues to reach SAR 4.47 billion, compared to SAR 4.27 billion in the same quarter of last year.

The Saudi Telecom Company achieved the highest net profits among the sector’s companies, at about SAR 3.304 billion in the second quarter of 2024, compared to SAR 3.008 billion in the same quarter of 2023. The company registered a growth of 4.52 percent in revenues.

On the other hand, the revenues of the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) increased by about 6.69 percent, as it recorded SAR 2.55 billion during the second quarter of 2024, compared to SAR 2.39 billion in the same period last year.

Commenting on the quarterly results of the sector’s companies, and the varying net profits, the head of asset management at Rassanah Capital, Thamer Al-Saeed, told Asharq Al-Awsat that the Saudi Telecom Company remains the sector leader in terms of customer base expansion.

He also noted the continued efforts of Mobily and Zain to offer many diverse products and other services.

Financial advisor at the Arab Trader Mohammed Al-Maymouni said the financial results of telecom sector companies have maintained a steady growth, up to 12 percent, adding that Mobily witnessed strong progress compared to the rest of the companies, despite the great competition which affected its revenues.

He added that Zain was moving at a good pace and its revenues have improved during the second quarter of 2024. However, its profits were affected by an increase in the financing cost by SAR 26.5 million riyals and a rise in interest, while net income declined significantly compared to the previous year, during which the company made exceptional returns.