Director Of Finance
AlJomaih Energy and Water Company
Total years of experience :18 years, 3 Months
Line of report: CEO
Al Jomaih Energy & Water Company (AEW) collaborates with major partners such as SEC, Aramco, Marubeni, Sojitz, Metito, and others to invest in, develop, and operate conventional and renewable power, desalination, and industrial wastewater treatment plants worldwide, partnering with global leaders in the energy and utilities sectors.
Key achievements
•Financial Restructuring: Successfully transformed the Debt/Equity ratio from an unsustainable 500x to a favorable position of NIL by strategically restructuring the balance sheet. This effort injected a substantial $375 million in equity, empowering the company to pursue projects previously unattainable.
•Strategic Acquisitions: Orchestrated two prosperous acquisitions in partnership with ACWA Power, contributing to the company's growth and expansion.
•Tax-Efficient Financing: Implemented a tax-efficient equity financing structure for three wholly-owned renewable projects in India. This involved a comprehensive analysis of External Commercial Borrowings (ECBs), Compulsorily Convertible Debentures (CCDs), and Shareholder Loan Agreements (SLAs).
•IFRS Advisory: Provided expert guidance on the proper accounting treatment of projects under IFRS 10, IFRS 16, and IFRIC 12, ensuring compliance and accuracy in financial reporting.
•Finance Department Establishment and team management: Successfully established and led a fully functional finance department in India, contributing to enhanced financial operations and compliance.
•Cost Optimization: Advised senior management on the correct treatment of Project Development Costs, resulting in a remarkable 20% improvement in company profitability.
•Impairment Analysis: Conducted rigorous assessments of investments to identify potential impairments and delivered valuable guidance to the board for informed decision-making and to help analyze the future profitability of portfolio assets.
•Purchase Price Allocation: Led the in-house implementation of Purchase Price Allocation for an acquired subsidiary, delivering significant cost savings.
•ERP Implementation: Spearheaded the seamless transition from Oracle Net Suite to Oracle Fusion, enhancing the company's operational efficiency and financial management.
•Orchestrated collaborative efforts within the team to secure finances and facilitate the merger and acquisition processes for pivotal projects, including RUMSUL, Neemuch & Gujrat, in India, Repdo4 in KSA, Zuluf WTP in KSA, Shuqaiq Water and electricity project with Shuqaiq O&M in KSA, Tihama Power Gen Co. in KSA.
Responsibilities:
•Business partnering internally with Project Finance and Business Development teams by providing expertise in IFRS, Tax, Zakat, WHT, and VAT matters for both new (greenfield) and existing (brownfield) projects.
•Advise companies for existing projects under bidding on financial decisions, i.e., EBL injections, hedging, working capital management, and liaison with banks for arranging corporate financing facilities, standby letters of credit, letters of guarantees, and counter guarantees.
•Liaison with international teams, affiliates, and auditors (external and internal) to finalize quantitative statutory reporting.
•Impactful reporting and presentations to shareholders and BOD to foresee and plan the company’s future. i.e., business plans, forecasts, budgets, analysis, and other ad-hoc reporting and in doing so liaising with SPV and O&M teams.
•Support the implementation of the finance organization of new projects (including implementation of ERP, group policies and procedures, standards and systems, providing training, etc.).
•Drive and support the finance team; develop team members to improve their performance and develop their careers where appropriate.
Line of report: CFO
Gulf Specialized Works (GSW), a subsidiary of Pan Gulf Industrial Investment (PGII), is a premier fabricator of process equipment and heavy structures for industries like hydrocarbon processing, petrochemicals, and power generation. GSW, based in Jubail, Saudi Arabia, offers innovative manufacturing solutions globally with five integrated divisions, serving the petrochemical, oil, gas, and utility sectors and maintaining offices in Yanbu, Saudi Arabia, and Abu Dhabi, UAE
Key achievements
•Cost Allocation Enhancement: Identified and resolved a cost allocation discrepancy, significantly improving project cost accuracy. This enhancement ensured more precise bidding and enhanced the accuracy of financial reporting.
•Efficient Reporting and Budgeting: Spearheaded the automation of monthly reporting and budgeting processes, resulting in a remarkable 99% accuracy rate with key performance indicators (KPIs) and a reduction of 10 days in the reporting cycle.
•IFRS & VAT Implementation: Successfully oversaw the implementation of IFRS and VAT compliance, ensuring seamless adaptation to these regulatory changes.
•Audit Excellence: Delivered a total of 6 reviewed audit reports, including 4 statutory and specialized purpose audits, 4 due diligence reports, and 2 IKTIVA reports within a span of 2 years for an IPO assignment.
•Share Valuation Expertise: Conducted a comprehensive share valuation for GSW's IPO, utilizing the free cash flow method, performing sensitivity analyses, and benchmarking against industry peers to establish an optimal share price strategy.
•SAP HANA FICO Implementation: Led the implementation of the SAP Hana FICO module and played a key role as a steering committee member in a transformative project.
Responsibilities:
•Finance partner to the Business Units, Providing routine and ad hoc management reporting.
•Reviewing monthly consolidated financial statements with meaningful analysis including budget vs. actual results.
•Oversee the project accounting by closely monitoring the budgeted and actual man-hour rate and allocation of cost to projects for accurate project and divisional profitability.
•Supervise the percentage of completion for projects to reflect the correct recognition of revenue for the period and to oversee the unbilled revenue and collections.
•Liaison with external stakeholders i.e. auditors (internal, external), and consultants to finalize statutory and specialized purpose audits, reviews, due diligence, and other ad hoc requirements like ERP implementations, etc.
•Working closely with the CFO to arrange facility renewals and project financing for major projects (amounting to 1.2Bn) with Banks and other financial institutions like SIDF.
•Preparation of 5-year company business plans, actively participating in strategy formulation with Management i.e. Startups, Shutdowns, Pricing, Estimations, etc.
•Presentations to BOD and CEO about company performance strategy and decision-making.
Key achievements
•Financial Charge Reduction: Achieved a substantial 15% reduction in financial charges through strategic financial management and optimization.
•Independent Business Management: Successfully oversaw the independent management of three newly established businesses encompassing construction, trading, and rehabilitation facilities. This included the development of chart of accounts, the creation of budgets and business plans, and the finalization of statutory audit reports.
•ERP Implementation: Led the implementation of Oracle JDEdwards ERP with a focus on the finance model, enhancingthe organization's operational efficiency and financial management.
•Subsidiary Acquisition Analysis: Provided critical insights for the potential acquisition of a subsidiary, maximizing valueand benefits for shareholders through a comprehensive analysis. interest.
Responsibilities:
•Led the business unit accounts department (4 direct reportees)
•Ensuring consolidated meaningful monthly financial reporting for all groups.
•Preparing and updating financial projections and business plans, including 5-year rolling Financial Projections and businessplans across the Group which are annually updated and signed off.
•Coordinating and preparing the annual budget, analyzing and reporting variances on a monthly basis with actual results.
•Taking the lead in preparing, and updating the company's finance policies procedures, and ERP system.
•Liaison with banks to arrange new financing sources by considering the company's prospective strategic direction.
•Led treasury department to handle Islamic trade finance facilities funded and non-funded from several banks.
•Taking a lead role in planning, executing, and finalizing the yearly audit and other assurance engagements, i.e. due diligence.
- supervising and leading multiple teams, reviewing their work and evaluating their performance,
- reporting to directors and the partner directly,
- planning and allocating resources to meet objectives of audit and assurance engagements,
- reviewing and auditing financial information for stakeholders,
- assisting and supporting clients in meeting their regulatory and contractual requirements,
- advising and recommending clients on the best practices in finance and operations, and
- communicating with clients to accomplish tasks effectively and efficiently,
ACCA TRAINING CONTRACT
ACA
MEMBER OF ACCA
