Moustafa Elhoufi, Group CFO and member of board of directors

Moustafa Elhoufi

Group CFO and member of board of directors

Seqa group

Location
Saudi Arabia
Education
Master's degree, certificate of public accountants CPA , License No 08352 New Hampshire state board of accountancy
Experience
31 years, 10 months

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Work Experience

Total years of experience :31 years, 10 months

Group CFO and member of board of directors at Seqa group
  • Saudi Arabia - Riyadh
  • My current job since December 2022

INDUSTRY:
Seqa holding group is a diversified group which has several strategic business units SBU and subsidiaries, the core business are plastic, bottling water, beverage, automated filling and packaging lines, real estate development, hotels, global investments.

Challenges :
1. Managing IPO project
2. Managing merger and acquisition project
3. Business transformation
4. Managing portfolio of investments
5. Restructuring and reorganization
6. Fund raising and treasury management.

board of director and audit committee member at Naqi water company , listed public company
  • Saudi Arabia - Riyadh
  • My current job since January 2021

Achievements:
1. managing IPO project in the main market
2. developing corporate governance system and internal policies
3. implementation of SAP Business one ERP
4. performing restructuring and reorganization
5. new acquisitions with added value about 700 million SAR
6. maximize the bottom line from 35 million of year 2019 to 79 million at the end of 2020 and to 78 million at the end of 2021
7. maximize the company value from 600 million to 1400 million
8. obtaining bank facilities by 50 million to finance working capital and new projects and expansions
9. conversion to IFRS

Group Chief Financial Officer at Madr investment holding group
  • Saudi Arabia - Riyadh
  • June 2021 to November 2022

INDUSTRY:

Madr is a closed joint stock company and is one of the top leading and most successful diversified investment and real estate holding companies delivering continuous and sustainable growth that increase long-term shareholder value. Madr.com.sa

Portfolio of investments: it is a diversified real estate portfolio includes malls, strip malls, resorts, hotels operated by IHG and Voco and Novotel, residential, commercial, developed and raw land, city walks, Spa and rehabilitation centers, industrial and logistic cities

The key investments : Zakher and Maad projects in Makkah, Muthmera project in Makkah, Riyadh gallery mall in Riyadh, Nebula resort in Riyadh, Almanakha hotels tower in Madinah, down town Abha project, down town Altaif project, flower villages project at Aljaibla in Riyadh, Alwasil hills project in Riyadh, Balila hotel and Shaab omer hotel in Makkah and other projects in several locations.

Mader partners: Alsubeaei group " MASK ", Dallah Albaraka group, Murgan Bin Mahfouz, Almunajem group, Madaen star holding, Nehaz investment company, Zawaya real estate company, Basamh company, Alrakia company and others

Group Chief Financial Officer at Seqa holding group
  • Saudi Arabia - Riyadh
  • August 2019 to July 2021

Seqa holding group is a diversified group which has several strategic business units SBU and subsidiaries, the core business are plastic manufacturing mineral bottled sparkle water, beverage manufacturing, designing & manufacturing of complete automated filling and packaging lines catering to food & beverage sector, real estate development, Cristal hotels, global investments in Egypt, Morocco, Bahrain .
the group companies are Alsad plastic, Alsad water & beverage, Middle east for machines MEMCO, Zulal water, Naqi water, Alshafiya water, Rama water, ITC water in Bahrain, Cristal hotel

the Role is providing strategic direction to the holding and the subsidiaries. Ensure that the organization has the right building blocks of controls, cash flow management, compliance, and efficiency to facilitate business decision making. Develop and deploy strategies that align with the organizational priorities, Leads and manages the execution of any major financing transactions, including commercial due diligence of any proposed mergers and acquisitions. Consult and collaborate with different heads of business to provide continuous evaluation of executive leadership on short and long-term strategic financial objectives/investment decisions. Ensures proper financial and Capital structure of the Group is maintained and complies with local laws etc. Reports financial results to the board of directors and evaluates and advice on the impact of long-range planning, introducing new programs/ strategies and regulatory action. Oversee the sections and implementation of SAP ERP and digital transformation

Achievements:

1. Preparing one of the major subsidiaries in bottling water industry for IPO in the main market. We have appointed PWC to perform readiness assessment, financial and tax due diligence, drafting management discussion and analysis and working capital sufficiency assessment. And we have appointed Fransi Capital as financial advisor. We are preparing business plan and financial projections and valuation
2. Performing merger between major subsidiaries and preparing the new company for IPO in the main market
3. obtaining various bank facilities by 210 Million to finance working capital and new projects and expansions
4. establish a holding company and preparing consolidated financial reports of 2019
5. preparing a business valuation and feasibility studies of various target new acquisition in global and local markets based on discounted cash flow DCF and multiples analysis
6. perform a various due diligence of various new acquisitions
7. preparing a feasibility studies of new hotel project on king fahad road that will be operated by Cristal company
8. establish internal audit function to add value and improve an organization’s operations and to evaluate and improve the effectiveness of risk management, control, and governance processes.
9. Developing of financial, HR, IT and internal audit strategies, policies and procedures
10. Contribute to implementation of SAP business one ERP
11. Building an accurate and best practice of normal capacity-based costing system for proper product costing and pricing strategies
12. Optimize the working capital and cash management by building more accurate cash forecasting on continuous basis quarterly, monthly and annually
13. Restructuring and reorganization of subsidiaries financial departments to enhance the performance
14. Preparing a business plan and financial forecasting for the major subsidiaries
15. Optimizing the net profits and returns to shareholders

chief financial officer at Packaging Products company , closed joint stock
  • Saudi Arabia - Riyadh
  • March 2018 to July 2019

Packaging Products Company is closed joint stock company and a leading manufacturer of plastic disposable tableware products (cups, containers, Trays, & Lids) and bottles using latest technology of sheet extrusion, thermoforming, extrusion, blow molding and injection stretch blowing plastic conversion processes to manufacture high quality packaging products for serving the dairy & juice, food, and wholesale, retail, catering sectors in the Middle East, & North Africa .

The Role :
playing a more critical role in shaping and contributing to the company’s strategies business information, reporting and financial data and assisting in decision support operations to enable the company to operate more effectively and efficiently, investor relations, strategic M&A and optimize Returns to the Shareholders.

Key Responsibilities
 Contributing in Strategic planning
 Financial planning, forecasting and budgeting
 Develop financial strategies and policies and procedures
 New Acquisition and merger
 Financial reporting and Financial analysis
 Working capital, treasury management
 Finance and fund raising
 Business valuation, due diligence and Feasibility studies
 Ensure optimal utilization of funds and effective cash flow management.
 Supervise the accounting and finance team, ensure the team is geared towards providing the necessary support; actively mentor and develop the team members.
 Identify financial and business risk areas and ensure necessary steps are taken to mitigate these risks.
 Financial controlling and Ensure effective internal controls are in place; implement and enforce compliance with policies and procedures.
 Ensure compliance with statutory requirements including compliance with SOCPA, IFRSs, the regulations of the Ministry of Commerce, Tax and Zakat regulations.
 Ensure smooth and timely completion of external and internal audits resolving all audit issues.
 Managing and Timely submission of Zakat and Tax returns

ACHIEVEMENTS :
1. Getting a long term loans by 26 Million SAR from various foreign banks like Rabo bank - France and Helaba bank - Germany to finance a new production lines which are invested for AlMarai company
2. getting long term loans by 44 Million SAR from Saudi industrial development fund SIDF to finance a new production lines
3. Getting a bridge loan from Arab national bank ANB by 20 Million SAR
4. Getting facilities from Arab national bank ANB for working capital financing by 25 Million SAR
5. managing the negotiation and settlement of accrued zakat by 2.7 Million of 2008 to 2013 with settlement committee in GAZT which approved the final settlement by 1.6 Million only with saving 1.1 Million to the company. we had represented the company and prepared the settlement plan and I had the authority to approve the final settlement.
6. Transition to international financial reporting standards IFRS
7. implementation of Microsoft dynamics ERP (Axapta R3)
8. prepare a valuation of the company based on discounted cash flow DCF analysis and comparable or multiple analysis for valuation of exit and new shareholders.
9. Prepare the financial forecasting of the coming 5 years
10. Building an accurate and best practice of normal capacity based costing system for proper product costing and pricing strategies
11. Optimize the working capital and cash management by building more accurate cash forecasting on continuous basis quarterly, monthly and annually
12. Reduce the costs by 10% which is resulted in maximize the bottom line
13. Contribute to waste and abnormal spoilage reduction
14. Contribute to maximize the profits and returns on investment and to shareholders compared to the previous year 2017

chief financial officer CFO at Lemal holding company - Saudi plastic factory SPF - closed joint stock
  • Saudi Arabia - Riyadh
  • November 2016 to February 2018

INDUSTRY: It is a diversified industrial group which has various strategic business units SBU and subsidiaries in plastic manufacturing, agriculture and tourism and water projects in Egypt and Lebanon
KEY ROLE: responsible for overseeing the entirety of the organization’s operations in accordance with the Company mission statement, including maximization of financial performance, contribute towards the growth strategy and operate as a business partner to the Board and provide leadership and direction to the finance function and manage the Company's financial affairs to ensure its financial resources are effectively utilized to achieve long and short-term objectives
ACHIEVEMENTS:
1. Contribute to the group restructuring
2. Increase the current banks facilities
3. Contribute to the change of legal entity and establish a holding company
4. Contribute to the change of legal entity of Saudi plastic company from sole proprietorship to closed joint stock company for preparing the company for IPO

Group chief financial officer CFO at Madaen star holding group , Joint stock company , Real estate , construction , FMCG , Oil & Gas
  • Saudi Arabia - Riyadh
  • January 2014 to October 2016

INDUSTRY: It is a diversified group which has various strategic business units SBU and subsidiaries in Real estate development (Malls, strip malls, residential and commercial projects, industrial cities, warehouses, funds, raw and developed lands), construction, Gas and Oil, FMCG, Retail, trading, travel and tourism, entertainment

Joint venture with Mohammed Alsubeaei & Sons Investment Company MASIC and Arabian centers Fawaz Alhokair group

ACHIEVEMENTS :
1. To support and strengthen the financial position we Issued stock dividends by 150 Million SAR by increase capital and capitalize part of retained earnings
2. Managing the selling process of Zaiti company - subsidiary in Gas and oil station to SASCO listed company, we assigned a big 4 KPMG as financial consultant of valuation
3. Managing the establishment of a new subsidiary real estate mortgage and financing company, I was responsible for selecting and coordinating with Deloitte & touché big 4 audit and financial advisory to prepare business plan, valuation, feasibility study, policies and procedures and organizational structure and other all requirements to SAMA and CMA
4. Assets reallocation to increase the fixed income real estate investments portfolio from 50% to 80% to increase cash flow and liquidity by expansion in commercial and residential projects
5. getting 7 years secured long term debts 450 Million SAR from Saudi Fransi Bank and Riyadh Bank to finance new real estate development projects and Malls
6. Preparing many feasibility studies for a lot of new real estate investments and expansions that based on future benefits and discounted cash flow methods
7. implementation of Microsoft dynamics ERP (Axapta R3 )

Chief financial officer CFO at Nayyara Group , Hospitality , catering , food , hotel , restaurants
  • Saudi Arabia - Riyadh
  • January 2007 to December 2013

As a key member of the Executive Management team, the Chief Financial Officer assumes a strategic role in the overall management of the company and report to the CEO.

The CFO have primary day-to-day responsibility for planning, implementing, managing and controlling all financial-related activities of the company. This will include direct responsibility for accounting, finance, forecasting, strategic planning, job costing, legal, property management, deal analysis and negotiations, investor relationships and partnership compliance and private and institutional financing
ACHIEVEMENTS :
1. implementation of SAP ERP (business one)
2. restructuring and reorganization
3. maximization of returns to shareholders by 20%, sales by 120 % and net profits 80%
4. new acquisition in food and FMCG business

finance director at Zahran holding group , maintenance and operation , real estate , construction , trading , retail
  • Saudi Arabia - Riyadh
  • January 2005 to December 2006

reporting to the Chief Executive Officer, take ownership of all accounting, controllership, reporting and analysis across the business entity.

develop strong reporting and MIS capabilities to deliver robust and timely consolidated financial information to the top management and shareholders.

Manage the accounting, treasury and financial reporting operations. Develop budgets and cost control structures. Provide business support and partnering through financial planning / analysis. Manage commercial financing and funding for new ventures and business development. Develop strong internal governance and the roll out of financial policy and processes.

internal audit manager at Saleh Almadaifer industrial group , block & tiles manufacturing , ready mix concrete, transportation
  • Saudi Arabia - Riyadh
  • May 2002 to November 2004

Report to board of directors, The mission is to provide an independent, objective assurance and consulting activity Designed to add value and improve an organization’s operations. It helps an Organization accomplish its objectives by bringing a systematic, disciplined approach To evaluate and improve the effectiveness of risk management, control, and Governance processes.

KEY RESPONSIBILITIES:

 Plans and executes various financial auditing to evaluating the integrity and reliability of all financial and operational information and whether the assertions in financial statements are present fairly and in conformity with generally accepted accounting principles.
 Plans and executes compliance auditing to evaluating compliance with regulation, standards, policies, laws and procedures.
 plans and executes operational audits to evaluating the efficiency and economy of operation and the effectiveness with which all functions achieve their objectives and goals
 Development and update of the annual risk based internal audit plan.
 Preventing and detecting fraud.
 Evaluating the adequacy and effectiveness of internal control encompassing the organization s governance, operations, information system and safeguarding of assets.
 Determine whether the operations and programs objectives and goals are established in conformity with those of the organization and whether the actual results are consistent with the objectives and goals.
 Identifying and evaluating the significant exposures to risk and contributing to improvements of risk management and control system.
 Develop formal written reports to communicate audit results to management and make recommendations as appropriate.
 Identification and evaluation of risk areas and provide input towards the development of the annual audit plan.
 Interact with external auditors as required independently work under the general direction of the Director of Internal Audit with latitude for initiative and independent judgment.
 Develop the assigned audit plan including scope and objectives of the audit, and audit procedures.
 Carry out tests, evaluate the results and draw conclusions.
 Follow up on implementation of corrective actions.

Financial manager at Batergee medical group
  • Saudi Arabia - Jeddah
  • January 1999 to February 2002

Reports directly to the CFO, responsible for all financial and fiscal management aspects of the Company’s operations. Provide strategic financial leadership, business planning, forecasting, accounting and budgeting processes, Zakat / tax, financial controlling, financial analysis, working capital and cash flow management, financial reporting

Accounting manager at Batergee medical group
  • Saudi Arabia - Jeddah
  • January 1992 to November 1998

Reports directly to the CFO, responsible for all accounting management aspects of the Company’s operations.

Education

Master's degree, certificate of public accountants CPA , License No 08352 New Hampshire state board of accountancy
  • at american Institute of Public Accountants AICPA
  • July 2009

Certificate of Public Accountants CPA , License No 08352 New Hampshire state board of accountancy

Master's degree, certificate of internal auditors CIA
  • at american Institute of Internal Auditing IIA
  • November 2007

Certificate of Internal Auditing CIA Certificate NO 74111, Issued in November 2007

Master's degree, certificate of Management Accountants CMA
  • at american Institute of Management Accountants IMA
  • July 2005

Certificate of Management Accountant CMA Certificate NO 26958, Issued in July 15, 2005

Master's degree, certificate of financial managers CFM
  • at american Institute of Management Accountants IMA
  • July 2005

Certificate of Financial Management CFM Certificate NO 3809, Issued in July 11, 2005

Bachelor's degree, bachelore of commerce , Accounting and auditing
  • at Alexandria University
  • July 1990

Bachelors of Commerce - Accounting degree May 1990

Specialties & Skills

Strategic Planning
Financial Management
Acquisition Strategies
Budgeting
Financial reporting and Financial analysis
Strategic planning , Financial planning , forecasting and budgeting
Finance and fund raising
Working capital , treasury and cash flow management
Public Accounting , management accounting and cost accounting
Risk management
IFRS , GAAP and SOCPA
ORACLE , SAP , Opera , Microsoft dynamics
Acquisition and Merger and joint venture
business valuation

Languages

Arabic
Expert
English
Expert

Memberships

american institute of public accountants AICPA
  • active
  • July 2009
american institute of management accountants IMA
  • active
  • June 2004
american institute of internal auditors IIA
  • active
  • January 2007

Training and Certifications

SOCPA Membership Certificate No 208 (Certificate)
Date Attended:
March 2019
Valid Until:
February 2022
certificate of public accountants CPA , license No 08352 (Certificate)
Date Attended:
July 2009
Valid Until:
June 2020
certificate of financial managers CFM (Certificate)
Date Attended:
July 2005
certificate of management accountants CMA (Certificate)
Date Attended:
July 2005
Valid Until:
July 2005
certificate of internal auditors CIA (Certificate)
Date Attended:
November 2007
Valid Until:
November 2007

Hobbies

  • football , sporting , travelling , watching TV , reading