VP Finance
Arabian Cement
Total years of experience :29 years, 11 Months
Employer Arabian Cement Company - ACC - Saudi Joint Stock Company
Arabian Cement Company - ACC - is the first cement company in Saudi Arabia established in 1957. Current annual production capacity is 4 M tons of cement and considered the 2nd largest cement company in the western region.
In Addition of running its operation in Rabigh Plant, ACC has a production facility in Kingdom Of Jordan through its Subsidiary with annual capacity of 1.5M tons, in addition to couple of Associated companies in KSA as well as Jordan.
Job Title Vice President Finance and Subsidiary Audit Committee Member - reporting to the CEO dotted line to the Audit Committee Chairman.
BOD member and Audit Committee member in Ready Mix & Concrete Construction Supplies (Listed in Amman Stock Exchange) and Audit Committee Member in Qatrana Cement Company
Major Duties
Being the right hand side of the CEO and his delegate, it is more than a strategic partnership rather than a traditional Finance/Accounting capacity
My designation as VP/CFO leaded me to perform/responsible/initiate the following duties:
• Maintaining Investors relations through different conferences as well as quarterly calls to discuss the business/market dynamics and the company performance
• Feasibility studies on different expansion projects in order to increase efficiencies and minimize production cost
• Fixing the Cash Flow Forecast for the subsidiary
• Fixing the costing model for the subsidiary
• Cash Flow Management ensuring optimum utilization of idle funds whether to generate cash or minimize the Zakat exposure
• Working Capital Management through developing tools for the team to follow up on the collections
• Leading the Procurement Committee in order to ensure proper supplier selections
• Overhauling the Authority Matrix and get it approved by the BOD
• Supporting the associates in the development of their 5 years Business Plan and budget
• Establishing and maintaining relations with the Banks
• Set the Finance, IT and the company Medium and Long Term Strategies
• Ensure that we are in line with the new IFRS requirements for 2018 Audit that is finalized;
• Maintaining constructive relation with main stakeholders especially the External & Internal
• CEO delegate with full authorities during the CEO leave
Basamh is a major force in the Kingdom of Saudi Arabia in the import and distribution of FMCG, as well as manufacturing on a joint venture basis both Local and International, BTIG is the commercial and distribution arm of Basamh group.
After the separation of Nestle, the group strategy and focus was diverted to build on its owned brand equity and succeeded to bridge Nestle shortage in less than two years with a turnover touching SR 1.75B with more than 1, 000 head count.
Job TitleSenior Finance Director
Major Duties
Restructure the Finance Department and transform it from data entry to an adding value Finance Function in all aspects of planning, reporting, control, analytical, and financial accounting.
My designation as Senior Finance Director leaded me to perform/responsible/initiate the following duties:
• Unify the Chart of Accounts, Reporting Package and deadline for all BTIG Co.’s (6 Co.’s)
• Annual Budget and budgetary control on account level, with a quarterly RF in addition to Balance Sheet forecast;
• Standardize the accounting treatments/processes between the Group companies;
• Maximize automation and synergies between the current available applications;
• Redesign Current SOP’s & Process Mapping and start P&P’s Manual;
• Present to the Board of Director update on the Company financial performance;
• Monitor and identify over spending and ensure proper justifications from the BU’s and CC holders;
• Monthly Closing review with GM’s and top line review with the Top Management;
• Introduce and ensure proper implementation of Level Of Authorities Matrix;
• Setting KPI’s for direct reportees and ensure deliverables;
• Design and finalize the Finance Dash Board;
• Leverage current calibers;
• Meet and finalize the external audit report with the external audit partner.
United Sugar Company of Egypt (USCE) is one of Savola Foods Companies, it is core business is refining raw sugar in its plant in Sokhna - Egypt and to be the 1st privately owned refinery in Egypt with a capacity of 750, 000 Ton expandable to 1, 200, 000 Ton. The Factory was launched in April 2008 and currently we are number 1 in the market with a market share exceeding 25%, company turnover is exceeding EGP 2 Billion
Alexandria Sugar Company (ASC), the main line of business of ASC is to produce White Sugar from Beet Root. The capacity of ASC is to produce 180 KMT of White Sugar, 60 KMT of Molasses and 60 KMT of Fodder (beet root pulp). ASC expected to startup May, 2013 and expected turnover (full fledge) EGP 1 Billion
Responsible for the Finance Department in all its aspects, planning, costing, reporting, treasury, financial accounting and tax.
My designation as Senior Finance Director leaded me:
• Being the GM delegate, lead the business in all its aspects in the absence of the GM;
• Responsible on the Investment Module as well as the Planning Module;
• Prepare the sensitivity analysis for the NPV as well as the IRR on different scenarios for the startup;
• Finalizing extension of Medium Term Loan (MTL) by $54M to finance the project overspending with the same rates and conditions of the original MTL
• Involved in the Oracle Committee for the implementation of the ERP system (all modules are up and running)
• Challenge and affect hedging proposition made by our Risk Management and Brokers
• Maintain the sugar buying plan ($ 400M);
• Review the Annual Operating plan in accordance with the company strategy and revise on a quarterly basis based on the fundamental changes;
• Meet and finalize the external audit report with the external audit partner as well as the corporate internal audit team;
• Present to the Board of Director update on the Company financial performance and CF;
• Maintain the company relation with the leader bank and syndicate banks, meet with banks top Management for updates on business strategies;
• Obtain new facilities and refinance current facilities with competitive rates;
• Managing our Working Capital and Cash Flow;
• Attend and lead the Business Leading Team Meetings;
• Monitor and identify over spending and ensure proper justifications from the cost center holders;
• Ensure proper application of the Level Of Authorities Matrix;
• Setting KPI’s for direct reportees and ensure deliverables;
• Out of Box solution to realize gains
• Ensure proper utilization of the ERP system (Oracle).
Savola Foods consists of two vital group of Companies, AFIA and Savola Sugar.
AFIA rapidly becoming one of the world’s leaders in branded edible oil industry, while Savola Sugar is the leader sugar company in the region.
Savola Foods is a core sector in Savola Group which is one of the largest five company’s in the Kingdom of Saudi Arabia.
Savola Foods has major holdings investments in:
- Saudi Arabia;
- Egypt;
- Iran;
- Jordan;
- Morocco;
- Algeria (in progress)
- Kazakhstan and
- China.
Savola Foods is employing more than 6, 000 employees.
Job Title Senior Director Divisional Internal Audit
Major Duties
Responsible for auditing the Company’s Internal Control Systems and ensuring the Financial Policies and Procedures are adhered to at all times.
Being responsible for the Group, I have audited (on add-hoc basis) all the Business units operations.
My post as Senior Director leaded me to perform the following duties:
• Review the Group Financial Policies and recommend changes to the Procedures where considered desirable;
• Perform Fraud investigation;
• Undertake periodic Internal Audits of all the Operating Companies and prepare detailed reports on the outcome and make recommendation for corrective action where required;
• Ensure follow-up action is taken where remedial action has been approved and that the required changes have occurred;
• Investigate in depth and report on the implementation and strict adherence to the Company’s Policies and Procedures by all levels of Employees within the Company and that deviations do not occur;
• Identify training needs to overcome weaknesses in the knowledge of the staff and substitute the staff whenever is necessary;
• Review the monthly Company accounts, investigate and report on major variances or abnormalities;
• Undertake special investigations on add-hoc basis;
• Coordinate with and assist, as necessary, the Company’s External Auditors.
Future Pipe Group
Future Pipe Group (FPG) is today the leading global player in the pipe manufacturing industry with a vision of becoming the BEST in High Tech. Pipes.
FPG is spreaded through the Six Continent, and particularly in the U.S.A., Europe, North Africa, The Middle East, The Gulf as well as Asia, employing more than 2000 employees.
Job Title Group Internal Audit Manager
Major Duties
In addition to the Establishment of the Internal Audit Department in terms of Methodology and Staffing, I was responsible for auditing the Company’s Internal Controls and ensuring that the Financial Policies and Procedures are adhered to.
Being responsible for the whole Group companies, I have had the opportunity to visit and interact with top Management of most of the Company’s locations.
My post as Group IA Manager leaded me to perform the following duties:
• Founding the Department Methodology, Strategy and Standards.
• Recruiting the adequate force to carry over Audit Assignment for the whole Group.
• Investigate in depth and report on the implementation and strict adherence to the Company’s Policies and Procedures and on the other hand, recommend changes to the Procedures where considered necessary.
• Undertake periodic Internal Audits for all the Operating Companies, prepare detailed Audit Report and recommend corrective action plan that improves operation.
• Ensure follow-up action is taken where remedial action has been approved and that the required changes have occurred
• Review the monthly Group Financial Results, investigate and report major variances or abnormalities.
• Undertake other investigations as instructed by the Vice President.
• Identify training needs to overcome weaknesses in the knowledge of the Group’s Personnel
• Coordinate with and assist, as necessary, the Company’s External Auditors - Ernst & Young.
• Analyze financial reports through the use of financial ratios, past performances and trend analysis, etc.
I was selected to be a Regional Internal Audit Manager for Delta Zone (Alexandria, Tanta and Mansoura) and reporting directly to the Group Internal Audit Manager, it is the first region for IA to be formed as a preliminary step for other future regions.
My position as Regional IA Manager leaded me to perform the following duties:
·Member of the company turnaround scheme, establishing special monthly checklist (previously initiated by me) covering internal controls and performance ratios for Working Capital elements
·Perform reviews of assigned organizational and functional activities.
·Obtain, analyse and appraise data in order to create an objective opinion about the adequacy and effectiveness of the activities under review.
·Plan and execute audit in accordance with the Accepted Standards.
·Testing and evaluate management’s controls on the work processes, accounting cycles and ensure the validity of segregation of duties.
·Review the region’s FS’s and helping in any financial issue.
·Ensure region’s compliance with the company’s policies and procedures.
·Challenge management new policies and express opinion.
·Perform a full provision study for the region’s assets.
·Direct, counsel and instruct staff assigned to the audit and finally review their work to ensure the adequacy and efficiency of work performed.
·Perform a presentation to management during & at the end of the audit.
·Report audit findings and recommendation for unsatisfactory issues in order to improve work efficiency and minimize cost.
·Perform special assignment for the company’s asset management.
·Appointed by financial department for helping in the company year-end closing.
Coca Cola Egypt (CCBCE) is the biggest beverage company in Egypt and it is a member of Coca Cola International.
· My position as a Group Financial Accountant responsible for the Group Balance Sheet and reporting directly to the Group Financial Controller leaded my to performs the following duties:
· Monitoring the sites’ (14 site allover Egypt) balance sheets and performs the required adjusting entries for any misstatement.
· Ensure that the combination of the sites is properly performed.
· Preparing a full set of Financial Statements.
· Reviewing the Financial Managers’ report (14 FM) monthly.
· CCBCE monthly close the books, which lead to the proper monthly accruals.
· Perform a quarterly provision study for the company’s assets.
· Aiding in establishing the company’s new financial policies.
· Helping the sites’ Financial Managers in any accounting problem.
· Helping in the preparation of the monthly results presentation to the BOD’s.
· Revising the fixed assets and project in progress movement monthly.
· Preparing checklists to the Financial Managers in order to control there monthly closing in order to present it to me on the established time table.
· Performing analytical review to test the monthly depreciation & interest expense.
· Reconciliation of the sites’ balance sheets to the group balance sheet any variances are detected and investigated.
· For most of audit assignments the following duties are performed:
· Perform high-level Strength, Weaknesses, Opportunities & Threats \[SWOT’s\] analysis, reaching to proper recommendations helping clients to improve profitability and reduce business risk.
· Obtaining sufficient understanding, evaluating, criticizing and restructuring of the internal control structures in order to assess the control risk and though the combined risk assessment.
· Planning the nature, timing, and extent of tests to be performed.
· Obtaining sufficient competent evidential matter through inspection, observation, inquiries, and confirmations to afford a reasonable basis to form a reasonable opinion regarding the financial statement under audit.
· Assessing the accounting principles used and significant estimates made by the company’s management.
· Ensure compliance with IAS or UK or USA GAAP (based on the reporting requirement that varies from audit to another).
· Perform financial and business analyses including ratio analysis and evaluating decision-making process.
· Evaluate the overall financial statement presentation.
· Prepare the Auditor’s Report.
· Prepare the Management letters.
· Report the results to audit partner and / or audit manager (based on the size of the company under audit).
· Supervise accountants, assistant accountants and trainees control their time & assess their performance.
· Performed other assignments (Review & Central bank reporting), Duties are different from assignment to another based on the circumstances.
Major activities
Audited Performed the audit of:
· Islamic Financial Institutions.
· Financial Institutions.
· Investment companies.
· Insurance companies.
· Contracting companies.
· Manufacturing companies.
· Trading companies.
· Not for profit organizations.
In addition to various special assignments.
· For most of audit assignments the following duties are performed:
· Participate in obtaining sufficient understanding of the internal control structure.
· Participate in planning the nature, timing, and extent of tests to be performed.
· Obtaining sufficient competent evidential matter through inspection, observation, inquiries, and confirmations to afford a reasonable basis for an opinion regarding the financial statement under audit.
· Report the results to audit manager and / or senior auditor (based on the size of the company under audit)
Major activities
Audited Participated in the audit of:
· Financial Institutions
· Islamic Financial Institutions
· Manufacturing companies.
· Not For Profit Organizations
· Trading companies.
In addition to various special assignments.
I have passed CPA examination with a point average of 91%.
·Passing the Intermediate examination of the Egyptian Society Of Accountants And Auditors (ESSA)
I was graduated with a Very Good grade.
It is an equivilant for the third prepatory in Egypt