Sr. Cost Accountant

Job Location - Jubail, Saudia Arabia

Position Overview
The Senior Cost Accountant is responsible for managing, analyzing, and controlling all cost-related activities within the organization. The role requires strong expertise in SAP (FI/CO, MM, PP modules), cost allocation, variance analysis, and financial reporting. The Senior Cost Accountant ensures accurate cost data, supports management decisions with analytical insights, and drives continuous improvement in cost efficiency and profitability.

Key Responsibilities
1. Cost Accounting & Analysis
Perform detailed cost analysis for products, projects, and services.
Maintain and monitor standard costs , BOM (Bill of Materials), and routing updates in SAP.
Conduct monthly cost variance analysis (material, labor, overhead) and investigate deviations.
Review and validate inventory costing , production orders, and WIP valuations.
Support costing for new products, new projects , and changes in manufacturing processes.
2. SAP Financial Operations
Manage costing activities using SAP FI/CO, MM, and PP modules .
Ensure accurate data flow from material master, cost centers, activity types, work centers, and BOM.
Perform SAP month-end closing including settlement of production orders, cost centers, and internal orders.
Generate and analyze SAP reports such as CK11N, CK40N, MB5B, KSB1, KSBT, S_ALR Reports , and more.
3. Budgeting & Forecasting
Participate in the preparation of annual budgets , rolling forecasts, and cost estimates.
Monitor actual costs versus budget and present monthly variance reports.
Assist management with cost simulations, what-if analysis, and cost reduction opportunities.
4. Internal Controls & Compliance
Ensure compliance with IFRS , internal policies, and audit requirements.
Maintain strong cost accounting controls in SAP to ensure data accuracy and transparency.
Coordinate with internal and external auditors on cost and inventory-related matters.
5. Cross-Functional Collaboration
Work closely with production, procurement, engineering, and finance teams to ensure accurate cost data.
Support projects related to process improvement, SAP enhancements, and system automation.
Provide financial insights to assist management with decision-making.

Qualifications & Requirements
Bachelor’s degree in Accounting, Finance, or Cost Management (CMA or CPA preferred).
5–7 years of experience in cost accounting, preferably in manufacturing, industrial, or project-based environments.
Strong SAP experience in FI/CO, MM, PP modules is mandatory.
Strong analytical, problem-solving, and financial modeling skills.
Proficiency in Excel (pivot tables, formulas, dashboards).
Excellent communication and report-writing skills.

Key Competencies
Attention to detail and high accuracy.
Ability to work under pressure and meet deadlines.
Strong understanding of costing concepts (standard costing, absorption costing, activity-based costing).
Business acumen and ability to partner with operations.
Initiative and ability to drive cost optimization.

Why Join Alfanar Projects
Since 1976, we’ve grown and diversified our business to meet the evolving needs of a changing world. Alfanar Projects is an integrated global project developer and engineering, construction, and technology solutions provider with a robust portfolio of landmark projects across the energy, water, and infrastructure sectors.
From Saudi Arabia to the rest of the world, we work closely with governments and partners to deliver strategic projects that support national goals and long-term visions. Our work directly contributes to sustainable development and infrastructure modernization in multiple countries.
At the heart of our success are more than 10,000 professionals, diverse, skilled, and united by purpose. Our global teams are committed to delivering impact-driven solutions that shape a better, more sustainable future.

Seniority Level
Mid-Senior level
Industry
Construction
Employment Type
Full-time
Job Functions
Business Development
Consulting
Skills
Vision Development
Problem Solving
Analytical Skills
Strategy
Key Performance Indicators
Presentations
Strategic Initiatives
Emerging Technologies
Market Research
Competitive