Headquartered in Saudi Arabia, The Zahid Group is a leader in industrial engineering that has several subsidiaries, including their flagship company Zahid Tractor. For more than 60 years, Zahid Tractor has distributed Caterpillar machinery and equipment to the Kingdom of Saudi Arabia in both private and public sectors. Expanding growth and a demand for optimization of cash led the Zahid Group to search for a modern treasury and risk management solution (TMS).
Prior to using Kyriba, the Zahid Group depended on paper solutions, manual bank connections and spreadsheets to manage their finances. The company did not have confidence in their cash position and relied on hoarding cash to cover expenses. Additionally, separation of duties and financial controls were not managed according to best practices.
Read the interview with Nadeem Ahmed, Zahid Group’s financial controller.
Nadeem Ahmed, financial controller at Zahid Group said that the main objectives with Kyriba were to streamline cash management operations, avoiding unnecessary overdrafts; ensure payments and financial transactions were funded; and to improve investment returns by investing all excess cash in short-term money markets.
Since using Kyriba, Zahid Tractor has seen significant quantitative results, including:
- 50 percent drop in the amount of idle cash sitting in company subsidiaries, enabling greater investments
- 53 percent gain in revenue from investments
Additional benefits including added financial controls and secure payments. “Having confidence in the security of the payment process was extremely important,” said Ahmed. “The fact that Kyriba manages the entire process without any third-party integration, was crucial.”
The Zahid Group has shared their incredible story in an interview with Kyriba, “Zahid Tractor Optimizes Visibility & Investment of Cash Leading to a 50% Drop in Idle Funds,” where Ahmed talks about the basis for transitioning to Kyriba’s cloud-based treasury and risk management solution. Also read about the smooth implementation process, and more.