Group Chief Financial Officer
Hoshan Pan Gulf
Total years of experience :33 years, 9 Months
Hoshanco Holding (Riyadh, Saudi Arabia)
Hoshanco Holding is a diversified family owned multinational conglomerate headquartered in Riyadh, Saudi Arabia, having a presence in 23 countries worldwide and operates in the Middle East, Africa, Levant and South West Asia region. The company deals with various consumer goods and has exclusive distribution and trading rights for several reputed multinational companies products in the locations that it operates in. The group portfolio includes Trading and Distribution, Manufacturing, Retail (Fashion and Kids Accessories), Real Estate (Commercial Property - Construction and Leasing) and Private Equity. Group turnover exceeds USD 2.5 Billion.
Group Chief Financial Officer (January 2013 - Present)
Responsibilities:-
• Responsible for all Finance, Commercial, Fiscal and IT matters across the group and all locations worldwide.
• Ensure compliance with legal and tax requirements in all counties.
• Preparation and implementation of detailed 5 year strategic business plans for all business units and driving and monitoring their performance against them along with highlighting risk and opportunities.
• Preparation of detailed monthly Budget and quarterly forecast for all locations and countries.
• Monthly financial reporting for the group with detailed variance analysis against Budget and Forecast.
• Managing all Treasury related activities including raising funds for new projects and initiatives.
• Reporting to the Group President and to the CEO on all Financial and Commercial matters.
• Strategic advisor to the Group President for all new business initiatives.
• Manage a global team of Finance staff spread across various geographies.
• Assist in formulating the company’s future direction and supporting tactical initiatives.
• Effective management of working capital with emphasis on inventory and receivable management.
• Implementation of adequate control measures to ensure mitigation of risk.
• Represent the company with investment bankers and investors.
• Responsible to manage groups regulatory reporting and statutory filings.
• Quarterly detailed balance sheet review of all entities with emphasis on risk mitigation and control.
Achievements:-
• Set up shared services unit for Finance and IT in KSA and UAE to cater to all business units world-wide.
• Created from scratch robust daily, weekly and monthly MIS reports to monitor business performance and highlight risk.
• Completed world-wide Statutory Audit and consolidation for all Businesses in less than 45 days for 2013 through KPMG.
• Implemented an effective transfer pricing model for the group that resulted in huge tax savings across the group.
• Successfully led a full SAP implementation, customized to local GAAP in African and Levant countries.
• Restructured the retail business of the group and successfully converted this to a profit generating business.
• Enhanced SAP functionalities and achieved reduction in headcount by 15% across the group.
• Implemented BCM, BPC, T&E and Treasury Management modules in SAP.
• Reduced month close and reporting process to four working days across all geographies.
• Restructured the company ownership structure to prepare for forthcoming IPO.
• Developed detailed finance and commercial policies and procedures in liaison with PwC.
• Reduced DSO to an average of 45 days from 90 days and Inventory holding period to 90 days from 220 days.
AMCO - Middle East (Riyadh, Saudi Arabia)
AMCO is a subsidiary of Nazer Group of companies (group turnover exceeds SAR 6 Billion) in Saudi Arabia having diversified business interests in Insurance (BUPA), Healthcare, Private Equity, Oil and Gas etc. partnering with major multinational companies. AMCO is a healthcare and medical technology company representing reputed American and European healthcare companies. The company’s turnover exceeds SAR 500 Million.
Chief Financial Officer (March 2010 - December 2012)
Responsibilities:-
• Business partner to the CEO to set the overall company strategy (long term and short term) and achieve Revenue and Profit targets along with KPI’s as agreed with the Chairman and Board.
• Responsible for all Financial, Treasury, Commercial and IT functions.
• Responsible for all fundraising activities (including project finance) of the company and implementation of plans to optimize company’s capital structure and the financial strategies to support growth and development.
• Provide timely monthly business and financial reports, KPI reporting, yearly Budget and quarterly forecast.
• Fully responsible for preparing Board meeting presentations and presenting this to the Chairman and Board along with the CEO and ensuring management of stakeholders expectations.
• Preparing and presenting monthly business performance presentations to the Executive committee.
• Member of the executive leadership team participating in key decisions relating to operational performance, operational efficiency and business strategy.
• Drive the Budgeting and Business Scorecard process with Departmental heads and Business Unit Managers.
• Effective cash flow management through working capital minimization and control, Capex, Financial Control Management, Capital Employed and Leverage ratio strategies.
• Identifying financial and business risk and leading actions to mitigate these risks.
• Manage all matters relating to Saudi Taxation and statutory legal entity compliance.
• Provide Financial and Strategic business support for mergers and acquisitions opportunities.
• Developing strong internal and financial controls, information systems, reporting systems and analytical tools to manage and grow the business.
• Maintain appropriate insurance coverage across the business.
Achievements:-
• Part of the core team responsible for growing the business by over 100% and NP by 150%.
• Increased banking facilities by SAR 800M which includes Project Finance of SAR 600M.
• Improved NP percentage by 200 bps due to savings in cost and improvement in Gross margins.
• Achieved reduction in cost of funding and facility fees from banks of more than SAR 12M.
• Improved receivable’s DSO to 2.5 months from 10 months.
• Project manager for preparation of 5 Year Business and Financial Strategy Plan for the company.
• Core Steering Committee member for implementing SAP (all modules) across the company.
• Reduced month closing activity to three working days along with preparation of detailed monthly Balance sheet reconciliations and extremely comprehensive MIS reports.
• Conducted in coordination with Deloitte, Business Ethics and FCPA training to all Staff to promote and enforce ethical business practices and conduct within the company.
• Successfully eliminated SAR 3.5M of Zakat liability through representations and proper financial disclosure.
• Developed and implemented comprehensive project costing system in the company.
• Concluded JV with a multinational company to set up manufacturing operations in Saudi Arabia.
Honeywell - Middle East & North Africa (Dubai, UAE)
Fortune 100 US Multinational Company specialized in Automation and Control solutions for Oil & Gas industry and Building Solutions for Construction / Real Estate industry dealing with large projects and diversified products.
Regional Finance Director - MENA region (June 2005 to February 2010)
Responsibilities:-
• Responsible for all financial and fiscal (taxation, legal and commercial) matters in the Middle East and Africa region (12 legal entities spread across 10 countries with business volumes exceeding USD 500M).
• Responsible for preparing annual budget, rolling forecast and quarterly strategic business plans for the region (Projects, Products and two factory operations spread across 6 SBU’s) with all Strategic Business Unit’s Regional General Managers and Functional Directors.
• Responsible for all Controllership activities - monthly balance sheet reconciliation’s, monthly international reporting, internal and external audits, US GAAP and IFRS reporting, tax compliance, quarterly management representation letters, SOX compliance, SOD compliance, policy and procedures compliance and conducting detailed quarterly balance sheet reviews for all entities.
• Responsible for regular detailed evaluation of long term projects and ascertaining project profitability.
• Participating in Senior Leadership meetings and all legal entity Board meetings.
• Responsible for all regulatory, taxation and statutory filings.
• Performing detailed monthly financial review against plan with business leaders with focus on working capital.
• Managing Joint Venture relationships and ensuring regulatory, financial and fiscal compliance.
• Performing due diligence and integration for new acquisitions.
• Performing detailed quarterly review (financial and operational) for all entities in MENA region.
• Responsible for all banking and treasury matters.
• Interacting with Statutory Auditors, Tax consultants, legal, financial and other advisors as required.
• Ensuring compliance to relevant statutory, regulatory and constitutional requirements for all entities.
• Automation of business processes to increase productivity and ensure optimum utilization of resources.
Achievements:-
• Successfully completed due diligence, acquisition and integration of two Joint Ventures (USD 80M).
• Project lead for restructuring a Joint Venture in Saudi Arabia (USD 150M).
• Developed accounting and fiscal ME entity structure to optimize on tax saving (USD 14M over three years).
• Project and legal entity leader for implementation of ERP Oracle Business E-suite across the region.
• Project lead for implementing Document Management System and integrated and automated payable system.
• Developed and optimized the month close process to ensure timely, accurate and smooth close with robust and reconciled balance sheet reconciliation’s for all entities.
• Set up centralized back office accounting function (Shared Services) in Dubai.
• Resolved long outstanding tax issues in Egypt and Saudi Arabia.
• Recipient of multiple super star awards for excellent performance.
• Leader for several six sigma projects within the region aimed at achieving business and performance efficiency.
Finance Director for Saudi Arabia
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