Mostafa Abdulaziz

At Al Majed, I mange financial operations and finance control functions, ensuring compliance, automating processes and policies and driving cost optimization.

I lead cross-functional teams and strategic initiatives to enhance financial outcomes with the following responsibilities and achievements:

1- Managed the financial due diligence workstream of the company’s Initial Public Offering (IPO) project, ensuring full compliance with CMA/Capital Market Authority requirements and authoring multiple IFRS position papers

2- Validated prospectus inputs and financial models, supporting valuation and regulatory trailing submissions in collaboration with the appointed advisors.

3- Coordinated with external auditors, legal advisors, and investment banks to deliver accurate statutory and financial disclosures within tight IPO timelines

4- Lead year-end and interim audit processes to support accurate statutory financial reporting
Ensure timely quarterly Tadawul announcements and FS filings, achieving top-30 earliest disclosures in the Saudi main market

5- Direct financial operations, streamlining policies and processes and improving performance through SLAs, workflows, and automated SOPs.

6- Collaborate with cross-functional teams to optimize costs and improve financial and operational efficiency across the company.

7- Optimize the company’s triple C cycle in collaboration with the head of operational functions, achieving lower financing costs and increase tax savings.

8- Lead system automation roadmap initiatives for ERP system and enhance Master Data management.

9- Develop and implement financial strategies, policies, and procedures

10- Ensure compliance with the Zakat, tax, TP filings and audits. Oversee the financial reconciliations with customs.

11- Manage banking relationships, negotiate terms, and coordinate financial products and direct the treasury operations.

12- Developing a comprehensive risk register and liaised with the internal audit department to mitigate financial risks

13- Implemented an MIS package to enhance the timely and accurate reporting of full set of Monthly Financials along with key performance metrics

14- Enhanced the finance team efficiency by restructuring tasks and roles, promoting a culture of accountability and excellence.

(1) Financial Accounting Leadership: Managing and overseeing end-to-end finance operations, driving the company’s revenue growth and market share, developing and evaluating a risk management framework - (Achievement): Spearheaded a new product line launch with the relevant GM and an affiliated company, resulting in a 30% increase in turnover in the first year. Also, managed a hedge against the EUR vs USD dip in 2022 and 2023, which optimized costs by 15% besides other reductions of unallocated OpEx.

(2) Compliance and Audit: Guarantee strict adherence to fast-paced financial regulations and standards in KSA. Also collaborating with the internal audit team to mitigate financial risks and work closely with external auditors to ensure timely completion of statutory, zakat, and tax reporting - (Achievement): Managed successful implementation of multiple regulatory requirements including VAT, full IFRS FSs, Transfer pricing, Zakat base, and E-Invoicing. Met all deadlines and passed regular audits and assessments by ZATCA, proving the commitment to following regulations accurately and on time

(3) Process Optimization: Improved finance SOPs, cost-effectiveness, and supply chain management. - (Achievement): Successfully accelerated the month-end closing process ensuring all financial reporting deliverables are completed timely. Maintained robust Master Data, leading to efficient cost control, collections, and payment processing. Additionally, by utilizing a streamlined workflow system named Kissfolw, the company's daily finance operations became quicker, more precise, and transparent for all stakeholders.

(4) Standardized Reporting: Implemented a uniform reporting framework, enhancing the visibility of key performance metrics and data-driven decisions. - (Achievement): Through the BPC module - Business Planning and Consolidation - led the team in the successful implementation of MIS package reporting, which ensures data security and standardization, minimizing the risk of typos or data alterations present in other visualization models.

(5) Strategic Planning: Developing a rolling three-year financial strategy, involving a value creation plan, SWOT analysis, and comprehensive financial model, Also, reporting the progress against the strategic goals and assessing the financial feasibility of new strategic initiatives - (Achievement): Created a strategic plan for a pioneering manufacturing mega project, resulting in a successful joint venture in collaboration with Saudi Aramco to localize the production of vital Materials in KSA.

(6) Budget Oversight: Monitoring monthly budget versus actual figures and previous years, with a focus on segment reporting, presenting the company's financial performance highlights to the group CEO, COO, and CFO. Also closely track and monitor CapEx spending - (Achievement): Optimized the company’s working capital leading to a reduced debt-to-equity ratio and consequently decreased finance costs and increased zakat savings

(7) ERP System Enhancement: Led SAP system upgrade and pre-go live tests, incorporating e-invoicing and tax regulation updates, and managed new business areas for the new subsidiaries and branches.

(1) Oversaw a comprehensive range of financial accounting functions, including Accounts Receivable, Accounts Payable, General Ledger, Fixed Assets, and Inventory Management - (Achievement) Played a key role in the successful negotiation of the acquisition made by Al Muhaidib grp of a 35% stake in Abyat Megastore, that acquisition was seen as a strategic move for both companies

(2) Presented weekly variance analysis report on month-to-date estimations, focusing on profitability trends and operational expenses, to facilitate proactive management decisions. Engaged in regular discussions with the CFO, CEO, and General Managers for alignment and action planning.

(3) Managed governmental audits and guaranteed precise submission of VAT, Withholding Tax, and Zakat Returns, adhering to regulatory requirements

(4) Evaluated the company's non-trading purchase requisitions for operational expenses and fixed assets, conducting thorough financial reviews of contract drafts and ensuring technical requirements were accurately assessed for effective like-for-like comparisons

(5) Engaged in regular discussions with department heads to address operational challenges, managing open orders and SKU evaluations. Also responsible for assessing the productivity of production and logistics teams, focusing on cost optimization, quality enhancement, and customer satisfaction

(1) Managing credit and collection procedures, evaluating credit reports, analyzing financial and non-financial aspects, and making sound credit decisions.

(2) Communicate work in progress and final collection disposition to the appropriate AR and Credit Staff.

(3) Perform credit collections on past due accounts, including preparing and maintaining monthly reconciliation schedules for customers.

(4) Handle communication of disputed invoices and required credit notes, ensuring prompt resolution.

(5) Make decisions with clear authority to write off balances according to strict guidelines and update the allowances for doubtful debts on a monthly basis.

(1) Determining costs and variances for each job order and analyzing production efficiency for the production team.

(12) Allocating service department costs to three production departments.

(3) Preparing an analysis of material price and quantity variances.

(4) Analyzing cost accounting data and assisting with cycle count/physical inventories.

(5) Reviewing costs of raw materials and other supplies, and conducting cost-benefit analyses for potential vendor changes.