Finance Manager
Dar Global PLC
Total years of experience :18 years, 11 Months
FINANCE MANAGER | Reporting to Group CFO
DAR Global PLC admitted to the Standard segment of the Official list of FCA and to the Main Markets of the London Stock Exchange in Feb 2023. Dar Global PLC was established in 2017 (originally as Dar Al Arkan Global Real Estate Development LLC) to upend the global luxury real estate market and develop the international assets of Dar Al Arkan Real Estate Development Company (“DAARE”), a leading real estate developer in the Kingdom of Saudi Arabia with a legacy spanning 28 years listed on Tadawal. The official direct listing on the London Stock Exchange makes Dar Al Arkan one of the first Saudi homegrown brands to list on the London stock exchange.
IPO on London Stock Exchange: Exclusively managed Historical Financial Review (HFI) for 3 years and H1-2022 review with KPMG. Supported the completion of Financial Position and Prospectus Procedures (FPPP) and Working Capital work streams with historical records wherever needed. Reviewed the Prospectus for proof reading and accuracy of the information.
Monthly Closing & MIS Reporting: Streamlined the process of monthly closing for UAE and overseas entities (Oman, Qatar, Bosnia, UK, Spain and China). Prepared templates for monthly group consolidation. Reviewed and improved templates for MIS reporting especially related to sales and operations information.
Quarterly Interim Review Report: Preparing Group Consolidation Financials for Quarterly review by the Auditors as a part of requirement form Dar Al Arkan (KSA Holding Company - Listed on Tadawal). Corroborate and substantiate the quarterly financials with subsidiary schedules and break-ups for the review of the Auditors of Dar Al Arkan.
Local and International Taxation: Preparing and finalizing VAT and ESR Return/Notifications for all UAE Entities. Registering new entities with FTA. Setting up for filing of VAT, WHT and Corporate Income Tax Returns for Oman, Qatar and Bosnia in coordination with PKF and Crowe. Managing and coordinating with local accounting firms in UK, Spain and China to ensure compliance of monthly, quarterly and annual filings with Local Tax and Accounting bodies.
Business Process Improvement: Introduced the work flow for identifying new credits in bank with customers. Seamlessly tying it up with Bank Reconciliation, Sales Report, Collection & Overdue Report, Supporting the FP&A team for Projected Cash flow and uploading & matching customers collections on TAS system by RERA.
Monitoring & Improving Critical Accounting Functions on day-to-day basis:
o Review and approve all project related payments w.r.t. completion of documents using PROCORE.
o Review documents related to payment requests for Online Banking approval.
o Upload and process construction related payments from TAS.
o Supervise the process of identifying new collection from customers and issuance of receipts.
o Administer end to end Accounts Receivable activities.
o Coordinating with Sales and Operations team for customer queries.
o Oversee the accuracy of weekly and bi-weekly reports for Sales and Operation.
Reporting to CEO/Chairman of the Group
Started in 2004, is a professionally managed entity with a multinational workforce of over 1600 people and growing. It now has a footprint and presence across every Emirate in UAE. It specializes in complete MEP Contracting Solutions with Fire Protection Systems, Electrical, Plumbing, HVAC Contracting & System Maintenance. Other group companies are AZZAN (Building Contracting Company), Ammar (Facility Management Company) and Zuva (Ducting Manufacturing Company.
Financial Planning & Analysis: Performing Budgeting, Forecasting and Analysis for all group companies and divisions (8 business reporting units). Working with individual departments to covert Annual Sales Targets to Forecast and Financial Budgets. Consolidate individual budgets into one overall corporate budget.
Monthly Closing & Financial Reporting: Streamlined the process of monthly closing and designed templates for monthly financial reporting. Review monthly performance and share critical variances with department heads for possible causes. Presenting consolidated monthly profitability statement to the management.
Project Costing and Contribution Margin Analysis: Designed templates to monitor progress on Projects and AMC contracts. Introduced Contribution Margin approach for projects reporting and analysis. Reporting on periodic variances of actual results with budgets and their causes. Examining and evaluating the cost-efficiency of each department of the company, in light of what percentage of the company’s financial resources each department consumes. Identifying which products/services have the highest profit margin (and which have the lowest)
Cash Flow Management: Identify all sources of income. Identify all business expenses. Creating a cash flow statement. Analyzing the cash flow statement. Looking out for patterns/concentration of money flow in a given period of time. Accelerate or delay, cash inflow and outflow respectively to reduce cash flow deficit.
VAT Group Formation and Process Control: Ascertain all Group companies, branches and subsidiaries are registered under relevant VAT Groups. Ensure compliance with updated VAT pronouncements by appointing a certified VAT consultant. Ensure effective VAT Controls are in place and review VAT Returns prior to filing.
Business Process Improvement: Actively involved in Business Process Improvement. Developing and monitoring critical KPIs of the business. Cost Reduction and Efficiency improvement. Fixed transition issues from the old ERP to new ERP. Bringing coherence to the chart of accounts to used by each business reporting unit to achieve seamless consolidation of financial performance and position.
Monitoring & Improving Critical Accounting Functions on day-to-day basis:
o Sales/Project Progress invoice issuance and receivable follow ups.
o Treasury management for receipts, payments and bank reconciliation.
o Ensuring timely Data capturing, recording and processing of transactions on daily basis (A/R, A/P, Inventory, FA)
o Remove any bottle necks in MIS for smooth functioning of operations.
o Reviewing current SOPs for any improvements.
A member of Business Solution Sector (BSS) of Al Rajhi Holding Group, KSA (ARH)
Reporting to CEO/President
Cladtech, established in 2006, is a building envelope solution provider, a curtain wall expert. It primarily takes turnkey contracts involving design, procurement, manufacturing, installation and snagging & maintenance. The end-product work its way through aluminum, glass, metal, cladding and powder coating divisions before delivery for on-site installation.
Job Role and Responsibility:
Monthly Financial Reporting: Successfully complied with the deadlines for the month reporting to the BSS Sector and ARH Group. Lead the Monthly Financial Performance presentation for the Shareholders and the BSS Advisory Board. Create special detailed Quarterly presentation for Shareholders and the Advisory Board. Rectified and improved Monthly Financial Reporting to revived Shareholders confidence in the reporting.
Project Monitoring and Analysis: Designed templates to monitor progress on various projects under three difference line of businesses. Analyze project costing w.r.t categories of cost (Mat, Lab, OH), direct & indirect cost and cost to complete. Reporting on periodic variances of actual results with budgets and their causes.
Budgeting and Planning: Spearheading the budget making process by coordinating with various departments (Contracts, Commercial, Planning, Procurement etc.) to formulate a 3 year business plan for approval of Al Rajhi Group Shareholders. Prepared detailed cash flow for the year 2021, aligning it with approved annual budget. Managing day to day cash and working capital requirements.
Contract Analysis: Analyzing new projects for Budgets, Project Estimation, Terms of Payment, Duration of the Project, Contribution Margin, Overhead Allocation, Issuance of Guarantees (Advance Payment, Performance/Tender Bonds, Warranty and Retention Bonds) and Retention
Prepare detailed presentation for new Projects for shareholders approval.
Internal & External Audit: Lead the conclusion of the Audit for the Financial Year 2019 (KPMG) & 2020 (GT). Implemented internal audit policies and procedures; reviewing changes in legal and procedural requirements for fiscal operations affecting auditing processes. Resolved 185 audit points and reduced 45 observations with high risk to low and medium risk.
Significant Achievements:
o Facilitated the SBU management to devise KPIs for the Factories and Site Progress.
o Secured LCs amounting to AED 54m from ARH Finance.
o Supervised 100% inventory stock count at the year end, first time since 2016.
o Ensured Fixed Assets register with actual inventory.
o Improved coordination between Finance, Procurement and Stores to reduce advances from 7m to 1.5m.
o Review AR, AP, Revenue, Cost booking allocation processes to improve quality of Management reporting.
o Team Leader for implementation of SAP S4 HANNA (currently on Hold).
Reporting to Finance Director
Greenline Interiors, establishes in 1976, a brand synonymous with high end interior fit-outs in the region has a successful track record of delivering iconic projects over the last 40 years. The yacht business has proven global credentials, boasting one of the largest facilities in the world and delivering complex and large yacht fit-outs. Has delivered over 1, 000 projects, applying cutting-edge techniques and technologies.
Job Role and Responsibility:
Effective Reporting: Successfully designed financial statements, formalized and steered the MIS reports to provide feedback to top management on financial performance, Project & Cost Analysis and Project Operational Areas on monthly basis.
Framed monthly reporting deadline and coordinate with various departments to ensure compliance.
Budgeting and MIS: Prepared Annual budgets and Company Cash Flow. Reporting comparison of budgets with actual results. Coordination on Material procurement and Labor resource allocation to determine funding requirements.
Cost Accounting: Developed a systematic approach to Cost Booking by improving cost capturing, recording and reporting. Formulate and run cost reports for projects, comparing it with budgeted cost and report variances. Prepare calculation for Percentage of Completion (POC) using actual cost incurred to total budgeted cost.
Project Accounting: Fine-tuned the process of Revenue Booking using POC method and keeping track of Billed and Un-Billed Revenue, Cost incurred and Estimated Cost to complete, Advance Payment recovery, Retention till date, Certification issues on a project wise basis.
Contract Analysis: Analyzing new contracts for Terms of Payment, Duration of the Project, Issuance of Guarantees (Advance Payment, Performance/Tender Bonds, Warranty and Retention Bonds), Retention and reduction in advance payments.
Bank Guarantees: Preparing necessary documents for issuance of Guarantees, finalizing the text for the Guarantees, liaison with clients for approvals and follow up with the Banks for the amendments, extension and reduction therein.
For Investment / Partnership opportunity, extensively dealt with esteemed entities namely PWC, Deloitte, EY, Grant Thornton, Arqaam Capital, Bresnon & Co., Baker Tilly, JLL, Al Ra mz Capital, ASAS Capital, Finaero, MARYA, Alpen Capital, Taka Solutions, Cluttons, Lobbecke Cie and Various high profile personalities in the same arena.
Reporting Structure: Developed reporting structure for reporting to various Banks, restructuring existing loans, revision of repayment schedules, review the compliance with covenants of facility/loan agreements.
Managing Overseas Subsidiary and Group Companies, Independently handed the Accounting Requirements of overseas companies in Qatar, KSA, Jordon, Bahrain, Germany, UK and small Group Companies in other Emirates of UAE.
Managed overseas ventures and projects executed in Germany, Italy, Holland and US for onsite cash requirements, payroll services, project management issues and Financial Statements preparation for overseas entities.
Reporting to Managing Director/CEO/Chairman
It is a well diverse group of UAE having diversified in Telecomm, IT, Landscaping, Well- being and Management Consultancy.
1. AST TELECOMM LLC
2. Impact Technologies Trading LLC
3. Baydaar Landscaping and Horticulture
4. Dubai MEDSPA
5. AST GROUP LLC
6. Al Tuwaiijri International
Specific Responsibilities
• AST Telecomm owns the license to operate the first Franchise of DU (Telecommunication Brand in UAE). Being the operational manager for the project, coordinating with the Franchise Team of Du and other departments such as Commission Calculation, Credit Control, Finance and Accounts, Logistics and warehousing.
• At Baydaar, coordinating with the General Manager for Business Development.
• At Impact Technologies, coordinating with the Managing Director and the Project Manager for Project Feasibilities.
Achievements:
Responsible for Monthly Closing and Financial Reporting.
Setup WPS for the whole group with Standard Chartered Bank.
Implemented end-to end accounting procedures for Dealing with Transactions with Du.
Arranged Finances for the new projects from three different banks.
Established SOPs for petty cash disbursement, replenishment and reimbursement.
Reporting to Managing Director/CEO/Chairman
The company has been in business for over fifteen (15) years and incessantly been supplying supreme quality fashion garments to leading European apparel companies. It is one of the leading leather manufacturers and exporters of Sialkot, Pakistan.
It consist of four units namely Leather Garments Units, Gloves Unit, Textile Garments Units and a Tannery.
Major Responsibilities:
Developed Accounting System (policies and procedures). Reporting monthly (Financial/Management), working capital management along with execution of statutory audits.
Review reports for monthly receiving, issuance of material and closing inventory to align with the financial records. Improved work flow between procurement and stores. Reviewed and improved end-to-end process from ordering of material to delivery of finished goods.
Formulate and reviewed pre-order and post completion costing and investigates variances above tolerable level.
Review costing of leather procurement from own tannery. Post Intercompany transactions and finalize reconciliation. Review Admin & General expenses and Payroll allocation on monthly basis.
Reporting to CEO
Major Responsibilities
• Liaison with various departments (Purchase, Accounts and Finance, Internal Audit, Production and Marketing) including the highest hierarchy of management to understand their needs and report;
• Improving system design to take decision for procurement and production activities through timely and proper flow of documents and reporting structure;
• Ensuring proper records for Inventory at all stores; and
• Work Order processing base on priority set by management procedures.
During my tenure I achieved the following:
• Lead the Implementation of ERP’s Inventory Module pertaining to receiving, inspection and recording of leather;
• Enable the company to successfully conduct the Annual Stock Taking as at 30th June, 2009; and
• Developed and implemented Standard Operating Procedures (SOPs) of procurement.
Reporting to Audit Manager
A member firm of Praxity - Global Alliance of Independent Firms, having presence in 84 countries of the world.
Professionally trained in disciplines of Internal Audit, External Audit,
Corporate Matters, Income Tax, VAT, and Management Reporting in range of
Enterprises from listed companies to Private companies and from partnership
concerns to cottage industry.
Trained in all activities of the External Audit i.e. Audit Planning, Team
Selection, on Field Audit Work, Performing Substantive procedure & Test
of Controls and Preparation & Finalization of Financial Statements.
Industry Exposure
• Construction
• Food and Dairy
• Auto and Allied
• Insurance
• Non-Banking Finance Company
• Stock Exchange
• Textile and composite
• Sugar and Distillery
• Vanaspati and Allied
Under the Equivalence Degree Program (EDP) of Higher Education Commission of Pakistan (HEC) regarding Masters Degree, I have obtained Equivalence to M.Com Degree from HEC based on my Chartered Accountants qualification. HEC is a the most credited institution of Pakistan in Education receiving 4000 application on annual basis for EDP.
I have qualified as a Chartered Accountant under the Institute of Chartered Accountant of Pakistan (ICAP).