Farid Salhab, CFO

Farid Salhab

CFO

The Clinics

Location
Saudi Arabia
Education
Bachelor's degree, Business Administration(Accounting)
Experience
19 years, 2 Months

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Work Experience

Total years of experience :19 years, 2 Months

CFO at The Clinics
  • Saudi Arabia - Riyadh
  • My current job since March 2019

Selected Achievements:
Led a team of IT professionals to develop an inhouse ERP system that includes billing and
appointment systems. My role was to create the business model and to supervise the development
and implementation.
Key Responsibilities:
Oversee the organization's financial activities, including being responsible for the finance and
accounting professionals to perform their functions, and serve in a strategic advisory role for the
CEO.
Keep cash flow stable by analyzing and forecasting, in addition to ensuring that payments are made
in full and on time and controlling expenses so that enough cash is on hand to meet financial
obligations.
Manage the processes for financial forecasting and budgets, and oversee the preparation of all
financial reporting

Senior Finance Manager at Khatib & Alami
  • Saudi Arabia - Jeddah
  • March 2018 to March 2019

- Collecting, interpreting and reviewing financial information.
- Predicting future financial trends (forecasting)
- Reporting to management and stakeholders, and providing advice how the Company and future business decisions might be impacted
- Producing financial reports related to budgets, account receivables, expenses etc.
- Reviewing, monitoring and managing budgets
- Monitoring and interpreting cash flows
- Managing Company’s financial accounting and client invoicing
- Liaising with external auditors to ensure annual financial reports are issued on time

Finance Director at Ideal Catering / Anan Holding
  • Saudi Arabia - Jeddah
  • August 2015 to November 2017

Selected Achievements:
Closed a deal with a new client with yearly revenue of SAR 12 million.
Reduced cost of sales by more than 10% through working closely with human resources and procurement departments.
Created a budget template in which all departments participated during the preparation and implemented higher controls on it after it was approved.
Implemented successfully the inventory management system.
Key Responsibilities:
Attend the board of directors’ meetings and participate in discussing business issues and overall business performance. Highlight any risk on the performance to the board.
Lead the preparation of consolidated annual budget for the entire holding company (corporate and subsidiaries).
Perform monthly financial analysis of the holding company (corporate and subsidiaries) and present it to the managing director.
Prepare financial forecast and highlight possible gaps vs. targets and objectives.
Manage the treasury related activities with respect to cash, loan and facilities management.
Manage the cash disbursement activities to support the company’s operations.
Manage the team ensuring sufficient time spent in coaching them to develop the talent within the department.
Conduct annual performance review in line with the company appraisal process, including finalizing performance rating & suggesting pay increments & bonus levels where applicable.
Ensure best in class talent is available and ensure that the right personnel are in place to drive the company agenda. In cases where there is a mismatch of skills vs. job required, act to correct the situation.

Financial Controller / Finance Head at El Seif Operation and Maintenance
  • Saudi Arabia - Riyadh
  • November 2013 to April 2015

Selected Achievements:
Led a team that was responsible for transferring financial data from manual recording to ERP system.
Managed the implementation of the payroll of more than 2, 500 employees into the new ERP system after it was being calculated and recorded manually.
Key Responsibilities:
Control and disburse monthly funds that are received from the parent company.
Develop and maintain timely and accurate financial reporting (showing comments on budget variations, relevant outside information, risks and areas that require management attention).
Established and maintained lines of communication with banks, external auditors and any third party that has interests with the Company.
Manage the preparation of the budget process and present it for approval.
Ensure the full and sustainable compliance with policies and processes.
Oversee the Preparation, filing and obtaining of the Zakat and Tax certificate with the assistance of the external auditor office, responding to all enquiries and concerns of the Department of Zakat & Income Tax and implementing the applicable legal clauses.

Financial Controller (Senior Position) at Aseer Company (Publically Listed Company)
  • Saudi Arabia - Riyadh
  • November 2009 to November 2013

Selected Achievements:
Led a team of professionals to create policies and processes manuals for the holding company.
Highlighted possible risks in one of the subsidiary companies that started an internal audit on that company under my supervision.
Supervised the project of implementing an ERP system for the company.
Built a fixed asset register and coded each asset with a bar code connected to the ERP.
Key Responsibilities:
Prepare consolidated financial reports that include, but not limited to, balance sheet, income statement and cash flow in accordance with CMA and SOCPA regulations.
Present financial reports to the higher management and the Board of Directors.
Review monthly financial results of the subsidiaries and prepare the monthly variance report.
Prepare income statement and cash flow monthly forecast.
Participate in audit committee meetings and prepare the minutes.
Prepare yearly budget of the holding based on the budget of the subsidiaries.
Review and analyze the company’s ongoing investments in stocks and others.
Liaison with auditors, banks and other companies on behalf of the Company.

Assistant Manager at Ernst and Young
  • Saudi Arabia - Jeddah
  • September 2004 to September 2009

Selected Achievements:
I was engaged in the preparation of a due diligence report to a petrochemical factory located in the Jubail industrial city that was part of the successful IPO process of that company.
Key Responsibilities:
Review the internal controls on the accounting processes and test the existence and completeness of the balances of accounts at the end of each fiscal year to give a fair and reasonable opinion.
Work as per IFRS and IAS standards in addition to SOCPA standards.
Supervise and manage a team of junior auditors while performing the audit.
Prepare Management letters, when needed, directed to the management to emphasize on the weaknesses in some of the internal controls that might affect the accuracy of the accounting performance.

Education

Bachelor's degree, Business Administration(Accounting)
  • at Hariri Canadian University
  • December 2003

Specialties & Skills

Statements
Financial Accounting
Financial Transactions
Financial Administration
Proficiency in Excel, Word, PowerPoint

Languages

Arabic
Expert
English
Expert

Memberships

None
  • None
  • January 2009

Training and Certifications

Audit Training (Training)
Training Institute:
Audit Training
Date Attended:
September 2004