Page 74 - ADOC Sustainability Report

ADOC 2021 SUSTAINABILITY REPORT

MR. MOHAMMED HAMAD AL DHAHERI

Manager
Finance & Accounting Department

“In line with the Abu Dhabi Economic Vision 2030, ADOC focuses on maximizing production and long-term growth. To achieve
this, we as a department strive to ensure our efforts are consistent and well organized. We seek to increase the financial
efficiency of the organization through systematic budget appropriation, necessary contractual changes, ensuring that the required
resources are available to achieve the desired project outcomes and planning for achieving next year’s KPIs and targets.
Finance is not just a matter of numbers. I believe that in order to manage the finances most effectively, it is important to also have
an understanding of the technical side of ADOC’s operations, along with the financial figures. This is always emphasized to my
team since only then will the requirements be suitably understood, and the appropriate financial decisions taken. As a result, the
finance department have a strong interface and line of communication with the other departments within ADOC.
The main challenge we have faced this year has been that of COVID-19, which resulted in the need for employees to work
remotely. The FA department perform a critical function within the business and with many of our systems only accessible in the
office, remote working was not always a feasible option. However, with careful scheduling and planning of resources we managed
to safely accommodate office working at a reduced capacity.

The pandemic also resulted in some additional costs such as expenses related to mass sanitization and involving the process of
shifting all staff training modules to online mode. Since employee safety is at the forefront of our operations, and we take matters
concerning health and wellbeing very seriously at ADOC, there were no compromises on the spending and management have
always been supportive in this regard.

Crude oil prices increased in 2021 as a result of the loosening of some pandemic-related restrictions worldwide and a growing
economy. This is a positive development for all, including ADOC. However, we cannot solely rely on market conditions to
improve our earnings, and therefore there is still a need to focus on reducing our costs and enhancing efficiency to achieve
sustainable financial operations”.

INDIRECT ECONOMIC PERFORMANCE

Currently, we do not formally measure the indirect economic effect of our activities at local and national level. However, with our
crude oil being exported to Japan, the economic benefits have the potential to reach far beyond the UAE borders.
ADOC’s activities indirectly support local economic development as an employer with 37% of ADOC’s employees comprising
Emirati Nationals during 2021, and also as a consumer of local products and services in the UAE, with 92% of the total spending
on procurement being on local vendors during the last year.

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