Group CFO
|Construction|20Y Exp| manufacturing
Total years of experience :23 years, 3 Months
• Member of Group Leadership Team (GLT)
• Managing the relationship with shareholders to ensure that they are fully informed as to the financialperformance, outlook of the business and risk analysis.
• Advisor to CEO on new JV’s, Buyouts, Mergers and Acquisitions
• Working very closely with Consultants and Auditors on Due Diligence, Business Valuation and feasibility studies.
• Monitoring short and long-term cash flow requirements, ensuring that the Group’s KPI of Free Cash flow is adequately managed
• Lead Debt Restructuring, Settlements, project and acquisition financing
• Optimize the handling of banking relationships and initiate appropriate strategies to reduce borrowing cost.
• Supporting all Business Unit General Managers in bottom line improvement.
• Responsible for improving project profitability by reviewing all facets of savings.
• Full responsibility for accurate, complete and timely submission of management, financial and treasury reporting of all companies/JV entities in accordance with IFRS/GAAP.
• Developed Group Financial and treasuring reporting structure.
• Managing the Group’s annual and three-year business planning process, annual budgets and rolling forecast.
• Identify opportunities to expand the business, including through partnerships, mergers and new markets
• Analyze sales, marketing, finance and other reports to gain insights into how to improve performance and maximize growth
• Develop accurate and consistent bids with the help of relevant departments
• Assess risks involved with new initiatives, ensure deadlines are met and be ready to handle unexpected situations
• Did VAT Impact assessment, VAT compliance and change management, ERP Validation, registration etc.
• Provide Strategic and Operational support to the organization through supervising the finance department at the group head office and within each business unit.
• Review the analysis of earned value with planned value, actual cost with estimated cost and advise CEO on the current and future performance including the anticipated losses if any on the project.
• Review sensitivity analysis of the budgeted cash flow vs actual cash flow for the projects and make actual cash flow align with the budget cash flow to cater the repayment schedule of bank loans if any.
• Review the analysis of purchase budget with the actual purchases, find out the reason of variance and advise the CEO of corrective action and preventive actions.
• Review the quotations and negotiate prices for the procurement purposes.
• Contribute towards the formulation and implementation of Financial and Accounting Policies framework in line with overall business strategies.
• Set individual objectives, manage performance, develop and motivate staff, provide formal and informal feedback and appraisal in order to maximize subordinate and departmental performance. Provide career direction, progression and coach finance staff in the business. Identify & develop high potential employees for succession planning
• Provide advice to the Executive Management Team, concerning the short term and long-term capital structuring of the business so that the company has funds available to support the achievement of strategic objectives including in particular capital & other liabilities due for repayment.
• Take ownership of collection through recovering stuck up money in the market, negotiating and follow up directly with clients and involvement in implementation of credit policies. Manage business growth by being responsible for P&L account and positive cash flows for the business in local and international markets.
• Ensure that the CEO is fully informed of the group's financial position and corporate activities with clients, Structuring Business transactions/deals.
• Manages the internal & external stakeholders, board members, MD departmental heads, audit firms, banks, insurance agencies and management consultancies.
• Work in close coordination with IT department for the selection and implementation of ERP system, ensure timely data entry and data integrity, and realization of checks & balances through aggressive monitoring of financial report. Process improvement, reengineering, setting up processes from scratch. ERP implementation.
• Maintain and develop excellent working relationship with the internal and external parties.
• Direct the execution of all treasury activities to ensure that all company remittances are accounted for and the company optimizes remittances from investments while also reporting and projecting company cash flows.
• Lead the preparation and accumulation of the financial budgets in line with business plan. Monitor financial performance versus the budget so that the business is aware of anticipated costs/revenues, areas of unsatisfactory performance are identified, and potential performance improvement opportunities are capitalised upon. Keep a tight control on project spending and asking GM’s of different segments about the reasons for variances and suggesting remedial measures.
• Ensure funding needs of the business using the best possible methods, loan restructuring. Developing new lines of funding. Manage, driving and monitor all the financial, commercial, banking, legal, contracting, accounting, internal control matters of different business units
• Board Member in JV Company (Obaishy HBK Contracting LLC)
• Served as Member of Executive Management.
• Handled dual responsibility of CFO and Acting President for a period of 8 months for PCPC.
• Facilitated and guided department heads in formulating strategic direction that successfully repositioned the company as a differentiated competitor in the market.
• Arrangement of Project and working capital financing ensuring smooth operations of the company.
• Established Inventory Committee and Pricing Committee for effective monitoring of Inventory holding and procurement process resulting in reduction in inventory holding from 3 months to 1.5 months and huge savings in inventory purchase cost.
• Expanded into China & Thailand, capturing 15% higher returns compared to Local and GCC markets.
• Selection and successful implementation of an effective ERP solution (Great Plains/ AX Dynamics).
• Providing insightful analysis on market trends and Sales team performance.
• Development & Implementation of control systems to monitor financial performance, working capital analysis, adherence to budget, expenditures, revenue, cost of sales, financial charges and other budgetary items.
• Worked very closely with Consultants on the Due Diligence for acquiring an existing fabrication facility in Thailand and expansion plans in eastern countries.
• Full responsibility for accurate, complete and timely submission of management, financial and treasury reporting in accordance with IFRS/GAAP.
• Prepared long-range forecasting, business planning and monthly reviews.
• Headed ERP Stewardship Team, comprising representatives from Finance, IT, Strategic Buying, Logistic and Warehouse.
• Was successful in reconciling the long disputed Inter Company Account.
• Streamlined costing function and identified areas of cost savings overhead optimization.
• Supervision and maintenance of accounting records in accordance with IFRS and local regulations
• Monthly submission of full reporting package to CFO
• Development & reporting of KPI metrics for different departments
• Coordinated with CFO and Group IT head on successful implementation of Group Policies & Procedures.
• Prepared long-range forecasting, business planning and monthly reviews.
• Headed ERP Stewardship Team, comprising representatives from Finance, IT, Strategic Buying, Logistic and Warehouse.
• Was successful in reconciling the long disputed Inter Company Account.
• Streamlined costing function and identified areas of cost savings overhead optimization.
• Supervision and maintenance of accounting records in accordance with IFRS and local regulations
• Monthly submission of full reporting package to CFO
• Development & reporting of KPI metrics for different departments
• Coordinated with CFO and Group IT head on successful implementation of Group Policies & Procedures.
Audit assignments