Group Financial Controller
Khashoggi Holding
Total years of experience :27 years, 1 Months
Khashoggi Holding has diverse investments --Maintenance contracting (Power sector), Manufacturing (Construction Sector), Catering & Facility Management, Medical - Supply & Services and Sports Management Services.
Responsible for the Group Finance department with a team of 4 and the finance manager of the individual companies reporting to the Group Financial Controller.
Reporting to the Chairman of the Board
Key Job Responsibilities
Review and evaluate current and prospective investments for ROI, sustainability and exit strategy
New Projects Feasibility study
Due Diligence for Acquisitions/ Mergers
Group reporting - Management Reporting (consolidated) for various companies. Analytical review of business in comparison to KPIs, Milestones and budgets.
Manage Cash Flow and group funds requirements.
Establish/ Ensure
‘Efficient’ finance department for the Holding entity and Group companies
ERP system for Group, with consolidation of group companies.
Internal Controls, policies and procedures
Liaise with banks for arrangement of facilities, loans and project financing
Major Achievements
Established an efficient group finance department
Established group reporting structure, with Key Performance Indicators (KPIs)
Established a business plan and annual budget process.
Change Management - Family Business to Corporate Governance - by establishing Corporate Policies and Procedures.
Led the due diligence of companies in Catering and Construction sector.
Ghaith Aviation formed with the vision of delivering a one stop shop solution for all of aviation needs. Currently operates one managed aircraft. Ghaith Aviation is part of the Motasem Khashoggi Group.
Job Responsibilities
Setting up the finance department
Establish Strategy, Business Plan and Budget
Establish Internal Controls, policies and procedures
Establish product pricing and rates.
Finance Manager/ Director Finance - NetJets Middle East (NJME).
Promoted to head of finance of the ‘Private Aviation’ business unit. Private aviation unit encompasses NJME, which is the premier provider of ‘Aircraft Fractional Ownership’ program within the Middle East and Aircraft Management which provides turn key solution to aircraft owners. NetJets is an international brand with parent company in USA and program also established in Europe.
Organizational reporting to CEO NJME, Functional reporting to the Chief Financial Officer.
Job Responsibilities
Financial and management reporting -
Result analysis -- Actual versus budget/ forecast;
Profitability analysis
Cost and productivity analysis
Lead the budgeting, planning and control process
Business plan and business development activities
Product pricing and review
Quarterly cash flow projections and rolling forecasts
Develop and implement adequate management and internal control systems
Formulate financial policies and procedures; in coordination with CFO to ensure effective and efficient reporting and transaction processing
Identify and facilitate cost saving initiatives
Achievements
Established the finance department for Private Aviation unit of the company.
Established Operational reporting with Key Performance Indicators (KPIs) in the form of monthly ‘Flash Report’.
Established a working model for the budget and a robust five year business plan
Achieved customer re-billings (not done since the start of the program) of $2.3M (year 2006) and $1.1M (Jan to May 07) in the first six months from appointment as the finance manager.
Achieved collections of $15M for long overdue receivables in first six months from appointment as the finance manager.
Achieved cost savings in the areas of Fuel consumption, Catering costs and Hotel costs by identifying the areas of concern to the management and providing alternatives to achieve savings.
Joined as Senior Accountant and was promoted to supervisor on completion of two years.
Reporting to the Financial Controller and leading a team of four.
Job Responsibilities
Financial and management reporting
Budget control and variance analysis.
Building costing models for projects and customers
General ledger; compliance with IFRS & SOCPA, Manage Chart of Accounts
Monthly/quarterly closing
Payroll
Fixed assets register
Audit, Zakat and Tax.
Employee hiring, training and evaluation.
Achievements
Established reporting system in the form of monthly ‘Flash Report’, ‘Business Unit’ reporting and ‘Analytical Reporting’ based on activity and further variance analysis on comparison to the budgets.
Revised the format for financial statements, integrating requirements of management and accounting standards.
Formulated and implemented policies and procedures for various finance functions, such as fixed assets, prepaid, accruals and employee training.
Planned and structured the monthly/quarterly closing process and regularly achieved target date for quarterly closing.
Increased efficiency by streamlining the monthly payroll process and reduced the manual interference and time required by processing it in MS Excel. Computerized the monthly depreciation run, while fixed asset register was maintained in MS Excel.
Project Leader (Finance Team) in ERP (Oracle) implementation.
Funds, debtors and inventory management
Preparation of financial statements and management reports
Liaison with banks, auditors, tax authorities and other government regulatory authorities.
Maintain books of Accounts
Prepare management reports
Liaison with banks
Included statutory, tax, internal and con-current audits, tax related matters and company secretarial work.