In the world of business, a glossy brochure can only tell you so much. The true story unfolds in the language of numbers. Sales figures, growth rates, customer retention metrics—these are the cold, hard facts that reveal a company’s health.

“Numbers tell the real story of a business. They’re the universal language of success.” Adopting this principle, Sameh Masri, CFO of Cigalah Group, embodies the perfect blend of family business acumen and financial expertise. Growing up in an entrepreneurial environment, he recognized early on that understanding numbers was the key to discovering business potential.

With a solid educational foundation from the University of Balamand and an MBA from the American University of Beirut, Sameh’s journey in finance took flight. His commitment to excellence led him to achieve CPA certification from the New Hampshire Board of Accountancy in 2001, solidifying his status as a financial expert.

At Cigalah Group, he leverages his unique perspective to drive growth and innovation. He views finance not just as a department but as the backbone of any successful enterprise. “Finance people are a must-have in every company,” Sameh asserts, emphasizing the critical role of financial analysis in decision-making across all industries.

His approach to finance goes beyond mere number-crunching. He sees financial data as a powerful tool for measuring success, quantifying performance, and guiding strategic decisions. His ability to translate complex financial information into actionable insights has made him an invaluable asset to Cigalah Group and a respected figure in the business community.

Let us explore his journey:

A Legacy of Finance and Industry

Sameh views himself as one of the few fortunate who have had the opportunity to practice his profession in an environment where finance is deeply ingrained as the backbone of business. Cigalah Group, a prominent leader in various sectors, traces its origins back to 1911, when it began as a trading company.

Under the guidance of Sheikh Yaser Yousuf Naghi, the company has evolved into a powerhouse, excelling in trading, service provision, sales and marketing, manufacturing, retail, and third-party logistics. Today, it holds a leading position across multiple industries, including pharmaceuticals, cosmeceuticals, fast-moving consumer goods, food, medical equipment, and real estate, throughout the GCC and Egypt.

Challenges of Misconception in Finance and Accounting

Sameh highlighted the ongoing challenges within the realms of accounting and finance, noting that misconceptions between the two fields still persist. He emphasized that a successful CFO must not only differentiate the accounting function from finance but also foster a clear understanding of this distinction among the entire team, spanning all levels and departments.

Another significant challenge emerged with the introduction of a comprehensive tax system in Saudi Arabia in 2017. Previously regarded as a tax haven for both investors and finance professionals, the Kingdom offered an almost risk-free operating environment.

However, the implementation of Selective Tax, Value Added Tax, Withholding Tax, and other indirect taxes transformed this landscape into one where free meals, for finance professionals, were no longer available. In response, Cigalah played a crucial role in educating a finance team that rapidly expanded to over 200 employees, extending training efforts to key non-finance personnel as well.

Balancing Strategy and Hands-On Management

Sameh understands the critical importance of time management. He asserts that delegation is an art form that requires a careful balance with supervision. For him, effective delegation goes hand in hand with empowering team members, while supervision must foster a culture free from micromanagement. This approach has encouraged department heads to make informed decisions, even when they involve calculated risks.

Moreover, Sameh emphasizes that the human element is fundamental to success. The careful selection of motivated and self-disciplined team leaders is essential for achieving organizational goals.

He believes that every mistake serves as a valuable lesson. In a fast-paced environment, fostering a culture of immediate performance feedback, paired with a low tolerance for repeated errors, is vital for maintaining the morale of high-performing employees.

Evolution of Coaching Through Experience

Having lectured at numerous international and regional academic institutions, Sameh has significantly enhanced his coaching skills and developed a strong belief in the importance of technical training. In this journey, he has taken several pivotal steps:

• Sameh conducted the inaugural VAT training sessions in Saudi Arabia, at a time when the concept of VAT was just emerging in the region.
• From the very first day, he collaborated with the finance department to revisit, challenge, and redefine processes, ensuring they were more efficient and effective in alignment with the lead team.

Lessons from the Academic Journey

Sameh reflects on the valuable lessons gleaned from his experiences in academia:

• No Dress Fits All Brides: What may be clear to one individual can often be obscure to another. However, it is unwise to proceed at the pace of the slowest member of a team. It is the responsibility of the lagging-behind individual to put in the extra effort to catch up; otherwise, they risk being left behind.
• Practice Makes Perfect: Thorough preparation of the subject matter in advance is essential for effectively conveying one’s ideas. This principle holds true, especially in the context of negotiating any business agreement.

Diverse Background for General Management Success

Sameh asserts that individuals aspiring to thrive in the realms of business and corporate leadership must possess a robust set of skills. Foremost among these is a strong command of numerical literacy, the ability to analyze data with precision, and the capacity to present findings effectively. Additionally, a solid foundation in information technology and a working knowledge of corporate governance and international legal/compliance frameworks are essential.

He emphasizes that individuals who can seamlessly integrate these technical skills with a keen business acumen and a humanistic approach to decision-making are well-positioned to ascend the corporate ladder and achieve managerial advancement.

Success Factors in New Businesses and Joint Ventures

Sameh attributes his success in establishing new enterprises and joint ventures to several crucial factors. Firstly, his deep understanding of the rules and regulations governing the region’s business landscape has been instrumental in navigating the complexities of launching ventures in unfamiliar territories. This has put him on an advantage edge to be on the board of directors of many companies inside and outside Saudi Arabia.

Secondly, Sameh’s ability to combine his numerical prowess with a keen commercial and business acumen has allowed him to make informed decisions and identify profitable opportunities. Moreover, his track record of achievement has earned him the trust and confidence of top management, who have entrusted him with spearheading new initiatives.

Finally, Sameh credits his success to the Group Chairman as well as the support of a professional and dedicated team, who have worked alongside him to turn his visions into reality.

Staying Current in Professional Expertise

Sameh emphasizes the importance of continuous self-education to maintain expertise and stay informed about the latest trends and best practices in his fields of specialization. He actively participates in training sessions and seminars, ensuring he remains engaged with new developments.

Additionally, he dedicates time to consulting with other professionals, valuing their insights and experiences. To further enhance his knowledge, he regularly engages in business readings, which keep him well-versed in current industry dynamics.

Valuable Insights from Auditing Experience

Sameh’s tenure at Arthur Andersen, once the prominent firm among the Big Five, provided him with an invaluable crash course in auditing. This experience allowed him to view organizational processes from an outsider’s perspective, shifting his focus from a personal viewpoint to that of a stakeholder.

As he transitioned into the private sector, Sameh applied this stakeholder-centric approach to every decision. He consistently considered how each action would be perceived by others, ensuring that processes were examined from multiple angles—financial, control, commercial, and legal. This comprehensive analysis ultimately led to the satisfaction of a diverse range of stakeholders, enhancing organizational processes and controls.

Mastering Cross-Functional Communication

As a seasoned executive with a multifaceted background, Sameh approaches the challenge of effectively communicating and collaborating with stakeholders from various functional areas and backgrounds by:

• Adapting his communication style: Sameh ensures that he speaks everyone’s language, fostering a two-way communication channel. By avoiding jargon specific to one area, he encourages participation from all stakeholders.
• Valuing contributions: Sameh makes stakeholders feel that their input is appreciated, regardless of their expertise level. He avoids making them feel inferior or excluded.
• Encouraging participation: He actively participates in discussions and encourages others to do the same, creating an inclusive environment for collaboration.