Group Finance Director
Add Enterprise
Total years of experience :17 years, 3 Months
Working in the capacity of Finance Director and reporting to the Group CEO, my responsibilities include:
▪ Supporting the Group MD’s and directors of the business.
▪ Providing leadership across the finance team throughout the group.
▪ Advising the group on financial strategy / forecasting / planning to achieve group corporate goals.
▪ Maximizing group income-generating opportunities.
▪ Process improvements.
▪ Change and transformation initiatives as part of the senior Executive team.
▪ Risk & cash management / banking / stakeholder and investor relations
▪ Process automation.
Working in the capacity of Finance Director and reporting directly to the CEO, my responsibilities include:
▪ Successfully steering the company through the IPO process as a Member of the IPO Steering Committee appointed by the board with the lead managers, underwriters, financial consultants and legal consultants. IPO issue size of SAR 1.2 billion.
▪ Company contact person for financial and legal due diligence and lead consultants for the IPO process.
▪ Member of the investment committee to advise the board on the valuations and merger and acquisition projects for use of proceeds for IPO.
▪ Authorized by the company to negotiate, sign, execute, ship and close export sales for all company products.
▪ Successfully completed 4 financial restructurings.
▪ Successfully completed the first-time adoption of IFRS project from Local GAAP.
▪ Successfully completed ERP upgrade / Implementation to automate the reporting throughout the company.
▪ Established the Finance & Accounting Department after the start of self-operations.
▪ Restructuring of Finance Facility from SIDF for SAR 424 million.
▪ Establishing SOPs for Finance & Accounting Department.
▪ Established guidelines for budget and forecast preparation and prepared the annual budget in consultation with the CEO, Planning and budgeting Manager, and audit committee.
▪ Preparing strategic plan in line with the plan of the CEO and Board of Directors.
▪ Maintain financial records for each project in a manner that facilitates management reports and segment reporting.
▪ Ensure that accurate and timely financial statements are prepared in accordance with applicable standards.
▪ Develop and maintain timely and accurate financial statements and reports that are appropriate for the users and in accordance with US GAAP & IFRSs.
▪ Develop, implement, and ensure compliance with internal financial and accounting policies and procedures.
▪ Ensure that all statutory requirements of the organization are met, including Withholding Tax, Income Tax, zakat etc. Successfully completed VAT audits for all the months since its implementation in 2018.
▪ Prepare all supporting information for the annual audit and liaise with the Board's Audit Committee and the external auditors as necessary.
▪ Develop and maintain financial accounting systems for cash management, accounts payable, accounts receivable, Assets management, Inventory and petty cash.
▪ Review monthly results and implement monthly variance reporting.
▪ Manage the cash flow and prepare cash flow forecasts in accordance with the policy for the CEO.
▪ Oversee the bookkeeping function including maintenance of the general ledger, accounts payable, accounts receivable and payroll
▪ Manage the acquisition of capital assets and ensure that assets are properly recorded, amortized, and disposed of as appropriate.
▪ Submission of timely MIM (Ministry of Minerals) reports.
▪ Submission of timely SIDF reports.
▪ Liaise with the Treasury accountant, Finance Committee and/or Audit Committee as appropriate
▪ Assist the CEO and board committees with financial reporting as required at Board meetings and the Annual General Meeting / Assembly
▪ Advise the organization's leadership on appropriate insurance coverage for the organization.
▪ Maximize income where possible and appropriate.
▪ Negotiate with Banks for lines of credit or other financial services as required and appropriate.
Al Amthal is one of the pioneers in financing and leasing in Saudi Arabia and serving its customers through its operations from Head Office and 4 Branches. As a key member of the Executive Management team of Al Amthal Financing, reporting to the CEO and audit committee I add value by strategic planning and overall management of the company’s financial affairs. I am accountable for the administrative, financial, and risk management operations of the company which includes the development of a financial and operational strategy, metrics tied to that strategy, and the ongoing development and monitoring of control systems designed to preserve company assets and report accurate financial results.
Principal accountabilities are
Planning
1- Assisting in formulating the company's future direction and supporting tactical initiatives
2- Monitoring and directing the implementation of strategic business plans
3- Developing financial strategies
4- Managing budgeting and forecasting processes
5- Developing performance measures that support the company's strategic direction
Operations
1- Participating in key decisions as a member of the executive management team
2- Maintaining in-depth relations with all members of the management team
3- Managing the accounting, investor relations, legal, and treasury functions.
4- Managing any third parties to which functions have been outsourced
5- Overseeing the company's transaction processing systems
Financial Information
1- Overseeing the issuance of financial information.
2- Reporting financial results to the CEO and board of directors
3- Responsible board report for regulator. (SAMA)
4- Responsible for prudential returns for regulator. (SAMA)
5- Responsible for overall financial compliance for regulator. (SAMA)
6- Responsible to develop KPI’s for finance function and company at large and monitoring of progress against them.
7- Ensuring that record keeping meets the requirements of auditors and government agencies
Risk Management
1- Understanding and mitigate key elements of the company's risk profile
2- Monitoring all open legal issues involving the company, and legal issues affecting the industry
3- Constructing and monitoring reliable control systems
4- Ensuring that the company complies with all legal and regulatory requirements
5- Reporting risk issues to the audit committee of the board of directors.
6- Maintaining relations with external and internal auditors and investigate their findings and recommendations
Funding
1- Monitor cash balances and cash forecasts
2- Arrange for debt and equity financing and invest funds
3- Maintain banking relationships
4- Represent the company in banks and maintain banking relationships
1- Responsible for developing, implementing and monitoring strategic business plan & budgets.
2- Responsible for arranging banking facilities for the business to ensure the timely availability of funds for new investments as per business plan.
3- Review and advise on credit limits of new and existing clients to CEO.
4- Working with other departments to develop Sales, CAPEX, OPEX and project Plans.
5- Ensuring all departments are well informed of their yearly plan / budget.
6- Preparing Monthly Management Report (MMR) for the whole organization containing sales, profit & loss, cashflows and headcount.
7- Monitoring & Analyzing monthly, quarterly and annual operating results of sales, margins, expenses against budget and report variances along with reasons / comments to CEO.
8- Developing Financial Models and perform analysis for products & Investment decisions.
9- Perform sensitivity analysis to gauge the impact of price variance and other variables.
10- Recommend changes to improve financial performance & system.
11- Ensuring compliance with company policies & procedures, local (SOCPA), regional and corporate reporting requirements (IFRS & IAS).
12- Ensuring compliance with SAMA’s Finance Lease Law & Implementation regulations of the financial lease law.
13- Responsible for Internal & External Audit.
14- Negotiated insurance contracts with various insurance carriers and effected huge savings from fixed lower rates and commission income on vehicles and plant & Machinery.
15- Ensuring that all relevant risks associated with the functional area are assessed and evaluated before related strategy is developed and implemented
16- Reporting to SIMAH (Saudi Credit Bureau) for company portfolio health (Dot Payments, Delays & Defaults).
17- First time adoption of IFRS (FY 2014)
Leading a team of 3 in the accounts department of our client (EADS defence and Security). EADS is a multinational company providing border security equipment, installation of communication systems and training in Kingdom of Saudi Arabia.
As Job In Charge my duties included:
1- Managing and leading the team
2- Provide executive summary reports to senior management and other departments
3- Making monthly and yearly accounts
4- Meeting all internal and external deadlines for reporting
5- Payroll Calculations
6- GOSI Calculations
7- EOSB Calculations
8- Responsible for A/P, A/R, G/L & Fixed Assets
9- Responsible for yearend closing and liason with external auditors
During my stay at GT, I attained substantial experience in auditing the clients of many disciplines in Business Assurance Services. A brief summary of the key experience gained is set out below:
As Engagement Auditor
I gained experience of external audits of various business leaders in Pakistan. The brief details of such companies are as follows:
ICC (Private) Limited (A construction company with dynamic growth, involved in spreading transmission lines for WAPDA which is the biggest power supplier in Pakistan) this company is working in all provinces to put transmission lines with the head office in Lahore.
Hope Kidney Foundation. ( A not for profit organization working in Lahore with the view to help poor people and is totally working on donations)
National Bank of Pakistan (The biggest and oldest bank of Pakistan. This is a national bank and all government employees get their salaries through this bank.)
State Life Insurance Corporation of Pakistan (A very large company working all over the country and is the biggest organization in insurance industry in Pakistan.)
Family Planning Association of Pakistan. (An NGO working all along the country and is very versatile in its operations. This organization is also performing on behalf of government of Pakistan on some projects.
Social Welfare Society Mughalpura. (An NGO working in Lahore and surroundings) I was part of a team of 5 who conducted special audit on the orders of High Court of Pakistan to find fraudulent activities.
A very dynamic private company in United Kingdom with an excellent future in franchising.
I started as an Assistant Accountant in 2007 and resigned as Accounts Manager in 2009. Reporting directly to group finance manager my duties included as follows:
Preparing final accounts for auditors.
Preparing management accounts for directors each month.
Arranging credit facilities for the company with finance manager.
Doing quarterly VAT return.
Uploading our sales on KFC’s Website and processing royalty payments.
Processing payments for all the vendors each fort night.
Making salary payments to staff.
Responsible for A/R, A/P and G/L
Professional Qualification
Professional Qualification
Accounting Audit Finance Performance Management
B.Sc Hons in Applied Accounting