Chief Financial Officer
Napco National
Total years of experience :20 years, 10 Months
Main Task:
• Evaluate the performance of the external investments and propose the Turn-around plan / exist plan:
As Is Report: addressing the strengths & weaknesses analysis and the room for improvements
To - Do Plan: action plans supported with an achievable milestones’ plan.
Gastrim Tech. FZE-Jabal Ali Dubai:
Key Responsibilities:
• Restarting the factory by renewing all the legal documents and licenses.
• Reviewing all the liabilities and settle the vendors’ payments and Government Fees after reconciling the balances.
• Appointing the lawyers for chasing the legal cases against the factory and nominating External Auditor.
• Communicating with the equipment and machines’ manufacturers for doing the required maintenance and fixing the damaged machines.
• Hiring the right candidates for operation, Accounting, sales and Supply Chain team.
• Reviewing the operational Budget.
• Negotiating with the strategic suppliers the terms and conditions for new materials supply in addition to the credit limit & delivery schedules.
• Representing the factory in front of JAFZA and the government agencies.
HIMS Marine Services Co - Dubai:
• Renegotiating the dry-docking agreements for minimizing the off - hire duration (from 3 months to 21 days) and lead to increase the vessels utilization.
• Improving the dry - docking planning to be at least for 6 months and preparing clear actions plan.
Gates Engineering and Services Co - Dubai
• Purchasing 25 % of the company’s shares and finalizing the ownership transactions from due diligence step till adjusting the article of association
Other Tasks:
Represented the company in the many Board Meetings
Key Responsibilities:
Financial Planning and Management:
• Responsible for planning, managing and controlling 5 years’ business plan of the company and developing financial and operational strategies in compliance with the company’s corporate strategy.
• Develop and update the company’s Policies, Procedures, Manuals, Processes and Delegation of Authority DoA for assuring the optimal compliance with IFRS and Audit requirement.
• Collaborate with CEO on developing the operating budget. Oversee long-term budgetary planning and cost management in alignment with the strategic plan.
• Participate in Board meetings, Executive Comity meetings & Audit Comity meetings and present monthly, quarterly & yearly financials and the major changes/adjustments.
• Responsible for the planning, managing and controlling of all activities within the accounting and finance department and developing financial and operational strategies suitable to particular business requirements.
• Review and analyze the weekly / monthly / yearly financial statements, ledger accounts, balance sheets, audit reports and provide guidance in case of any shortcomings.
• Oversee all financial processes and control systems and eliminate process deficiencies by implementing robust accounting systems, tools and procedures.
• Ensure that the Release Authority Matrix and Discount Matrix are configured and applied accurately.
• Negotiate with the strategic and major suppliers for better pricing and terms. Maintain strong relationship with the banks, lenders and stakeholders
• Identify investment & revenue generating opportunities; devise plans to accumulate capital to finance expansion projects.
Capital Budgeting:
• As part of capital budgeting, analyze the viability of prospective projects and finalize profitable ventures for business growth; review capital requirements, liaise with banks to secure short-term and long-term finance as per funding needs.
• Collaborate with various department heads and senior management personnel to estimate unit-wise expenses and formulate annual budgets.
• Review variance in budget with projects management. Monitor operational expenditure limits, exercise effective budgetary control and recommended corrective measures to check variance during the budget cycle.
• Prepare and analyzed financial and projects reports, project budget and compare the same with actual result.
• Analyze all budgets up to date to accomplish budget result. Also secure all department budgets and accordingly develop master budget for all companies.
• Prepare monthly Finance report including budget analysis comparing current budget to actual for both CAPEX & OPEX.
Cash Flow and Treasury Management:
• Manage long term loans repayments and debit service in addition to maintain sufficient working capital lines.
• Monitor treasury operations closely and maintain sufficient cash to meet the daily business operational needs.
• Conduct Duration Gap Analysis to understand timing of cash inflows and outflows and finalize risk management strategy.
• Manage available facility lines and make sure there is always enough windows for future utilization for both cash and non cash lines.
• Liaise with banks for new additional facility; negotiate rescheduling, restructuring, extension and deferment with the banks.
• Maintain regular interaction with the bank regarding the company’s business requirements periodically and managing the issuance, amendment, Extension of the LC’s, LG’s, CG’s, BP and APG’s.
• Supervise the debit service account, monitoring covenants periodically, requesting wavers, SIDF & PIF repayments and management fees payments.
• Function as chairman of bidding committee and define purchase orders payment terms and release PR’s & PO’s as per DoA; approve and release vendors payments and employees payments.
Key Responsibilities:
Cash Flow and Treasury Operations:
• Handled company’s cash flow and allocation of funds. Managed excess/deficit liquidity situations.
• Planned and managed cash flow and hedging activities to maximize financial gains and minimize costs.
• Ensured effective utilization of surplus funds, foreign exchange exposure management.
• Restructured facility lines in order to meet the business operational needs.
• Provided guidance on decisions related to concentration on risk management and liquidity contingency planning to ensure that the business remains at par with the market.
• Established and maintained banking and financial institution relations to get competitive and qualitative terms.
• Approached banks to obtain the best lowest financing cost for Short Term Loans, Long Term Loan and Fixed line Facility.
• Devised plans for loans repayments, rollover and Debit Services Fees and managed debit service account.
• Ensured there is sufficient cash by regularly monitoring the cash flow and adherence to the CAPEX and OPEX.
• Defined the purchase orders payment terms and verified and approved vendors’ and employees’ payments.
Operations / Internal External Communication:
• Developed and monitored policies and procedures within general accepted accounting principles (GAAP) and corporate guidelines to ensure sufficient cash flow, reduce operating costs, and increase revenues.
• Ensured the team of conversion from SOCPA to IFRS. Developed accounting manuals in compliance with IFRS
• Implemented HSBCnet to process and transfer the vendors' payments online from desks as per the Authority Matrix and Alhilicorp to process the employees’ payroll, advances and allowances. Regularly administered the users’ accounts.
• Announced the Board of Directors Resolutions in Tadawel Portal.
• Prepared and presented financial statement quarterly to the management.
• Responded to all the incoming investors’ Inquiries for dividends or inquiry related to the financial results.
• Reviewed and released the purchase orders and contracts. Negotiated the raw materials to obtain the best lowest prices.
• Functioned as Project Manager of Pricewaterhouse cooper for restructuring the manuals, policy & procedures, Authority Matrix and process maps for Sales & Marketing Department, Outbound Logistic Department and Risk & Credit Department.
Risk & Credit Management
• Participated in development of processes to identify and evaluate risks and credit management in various business areas including risk and control self-assessments.
• Established Credit management framework by setting controls in the credit management processes thereby mitigating the risk and reducing the outstanding debts.
• Managed all aspects of the risk function including implementation of processes, tools and systems such as Map & DoA to identify, measure, manage, monitor and report risks.
• Conducted right assessment methodology in order to avoid or minimize the default customers.
• Defined Customers’ Credit Limit & Payment Terms. Determined the creditworthiness of the new customers by evaluating their financial strength and implementing customers rating.
• Implemented preventive action plans (pre fact) and the defensive action plans (after fact).
• Built a suitable collection plan and the collection targets as per the segmented receivable portfolio.
• Liaised with major customers and reconciled the dispute balances and planned for the necessary actions in coordination with Sales team.
Key Responsibilities:
• Classified receivable portfolio into many segments and defined collection plan for every and each segment.
• Developed collection business plan for Lease to own, operated lease and installments in addition to Government agencies such as MOI
• Developed collection plan for individual accounts. Defined goals and targets for the collection area managers and assessed area collection managers’ performance; assisted them to achieve their targets
• Designed and implemented credit & collection procedures in line with company policies and reviewed them periodically.
• Prepared commission and incentive policy to encourage collection team to improve their performance.
• Formulated departmental budget. Assessed provision for the bad debts and implemented them.
• Conducted thorough and comprehensive analysis of all credit requests and determined credit limit and credit terms.
• Maintained strong relation with the Government Agencies focal points.
• Liaised a with the customers to solve their issues in order to improve the Collection cycle.
• Performed various tasks including certification of Credit Notes, proposing the write off balances, setting the action plan for the legal advisor (Court or Friendly settlement).
• Coached for three regions Collection Managers, A/R accountants, Lawyer, Legal expiators, supervisors and collectors.
• Directed three legal advisors to raise court cases against the delinquent customers and then followed up the case.
Key Responsibilities:
• Handled credit proposals including assessment of creditworthiness individuals based on their financial credit history.
• Ensured compliance with policies and procedures, standard operating practices and statutory requirements related to credit management and risk control.
• Provided industry analysis and updates utilizing the lending function as well as other analysis within the credit department.
• Defined Collection Plans and objectives in line with the company’s goals as well as defined the collection targets for the regions. Trained Collection Regional managers on achieving their collection targets.
• Proposed alternatives payment terms by utilizing many options while discussing the terms of payments.
• Solved customers’ problems and proposed solutions in order to speed up the collection cycle.
• Determined Credit Limit and payment terms for the new customers. Calculated provision of Bad Debts and implemented methods to minimize them.
• Prepared and monitored departmental budget, project financing and weekly and monthly Cash Expectations.
• Managed payments booking into the customers’ accounts and Customers’ Balances Reconciliation in quarter basis
• Monitored L/C. (Issuance, Validity, Amendment, terms and conditions).
• Provided customers with bank guarantees required for payments, Performance Bonds & Advance Payments Guarantees.
• Classified customers into three segments Poor, Good, and Delinquent and set the collection plan accordingly. Guided Shipping Department to stop or hold the deliveries.
• Assured satisfaction of the customers by providing all the needed documents such as monthly statement of account. Invoices, signed delivery notes, credit notes…etc.
• Communicated with the Government Ministries such as MOWE, WSD and Semi Government Entities like Aramco, Sabic.
PREVIOUS ASSIGNMENTS:
• Accountant, Saudi Development & Training Co. Ltd (One of BEA Systems companies.), Riyadh, KSA, Feb 2002 - May 2003
• Accountant, Honeywell Turki Arabian Limited, Dammam, KSA, Aug 2000 - Jan 2002
• Co-op Program, Al-Bank Al-Saudi Al-Fransi - Al-Khobar, KSA