Financial Planning & Budgeting Manager
Saudia Aerospace Engineering Industries
Total years of experience :17 years, 5 Months
- Revamped the budgeting function in terms of budgeting process, organization & staffing, forecasting templates, variance reporting, along with the right policies and procedures in place.
- Introduced the concepts of Zero- based & Activity- Based budgeting which were applied starting 2019 onward along with the use of bottom-up approach in budget preparation. This has allowed for more interactive budgeting across the organization and promoted accountability on planned targets.
- Developed a standalone P&L for every business segment in the organization which results in better quantification of the businesses’ performance and more proactive way of making sound business decisions based on predictive analysis.
- Played a major role in having a weekly/monthly cash flow forecast update, with reconciliation in place for AP & AR outstanding balances taking into account working capital requirements and dynamic business priorities.
- Participated in the development of SAEI’s five years business plan by working side by side with McKinsey consultants, validating the business model assumptions & outputs, and preparing the final presentation to the board.
- Engaged in several capital investment projects, one of which is multi-billion Giga-project, as a finance representative team member, providing finance support in terms of capital budgeting analyses, funding arrangements, payments to contractors plus providing other financial and business insights and recommendations.
- Managed successfully the implementation of cost saving initiatives plan during COVID-19 crisis that results in a total cost saving worth of 110 Million SAR.
- Directed through a “CFO delegation assignment” in several occasions the monthly/ quarterly hard closing, ensuring all reconciliations are completed properly, the application of IFRS 16, 15 & 9 is done correctly, the booking of all accruals and provisions is done as applicable.
- Participated in JV agreement with one of PIF subsidiaries from beginning till agreement, leading crucial milestones including business valuation using income & market approaches, in addition to balance sheet carve-out projects.
- Appointed as an Audit & Compliance Committee member representing SAEI in “SRSC” joint- venture, reviewing the performance of the JV quarterly and giving directional recommendations for improvement and continuity.
- Led a team of 5 financial controllers supporting SAEI’s operating business segments as finance business partners, with directional focus on maximizing revenue, and minimizing operational cost.
- Played a major role in resolving pending billing disputes worth of 500 Million SAR by having multiple discussion meetings with the customer’s assigned team, bridging the gap between the two companies’ perspectives and completing any missing requirements/ documentations.
- Supported the business segments in building up the annual budget with proper guidance on how to translate the operational plan into budget quantified outputs set as targets for next year considering available resources, CAPEX requirements, etc.
- Developed an Excel- based billing model that takes into account all of the business and contractual complexities, leading to a billing of 1.2 Billion SAR worth of revenue on an annual basis.
- Developed an “aircraft fleet type” analysis model that focuses on the “per unit” revenue & cost for each fleet and calculates the gross margin across the years. The model helped in identifying profitability per fleet historically and supported future years forecast respectively.
- Established the billing system from scratch, after the spinoff of SAEI from the mother company of Saudia Airlines in 2014. This contributes to the billing of maintenance services performed by four business segments with different business setup and outcomes.
- Setup the financial module in the new SAEI’s maintenance & planning system (AMOS), to enable the capture of the raw data generated from the business activities in order to generate key financial reports such as man-hours & raw material consumption during maintenance, inventory movement & ageing reports, GRIR, etc.
- Applied capital budgeting techniques to new capital projects such as a purchase of new equipment, developing manufacturing capabilities, etc. with emphasis on cash flow forecast, and analysis of relevant outlay.
- Supported the development of the newly created Financial Controlling function in terms of organizational chart, scope of responsibilities and duties, selection of team members, etc.
o Handled payroll postings to respective GL accounts through SAP system on monthly basis.
o Supported the reconciliation of bank accounts on weekly basis.