Finance Manager
ACWA Power
Total years of experience :21 years, 0 Months
Key Achievements
• Implemented Oracle Fusion for newly established project company;
• Achieved Financial Close of Rabigh Three project valuing SAR 2.6 billion;
• Compliance of loan covenants for Hajr to enable first dividend of the project amounting SAR 230 million.
Job Responsibilities
• Preparing all working papers for quarterly Board of Directors’ and Board Audit Committee’s (BAC) meetings and act as BAC secretary also.
• Manage lenders’ relationship and ensure covenants compliance to the financing agreements. Total lending to Hajr project exceeds SAR 7 billion and involve syndicate of local and international banks including US EXIM and SMBC.
• Manage budgeting and forecasting of the project. Annual Operating Plan is being prepared with monthly update for the outlook of the year. Additionally, five year’s business plan is being updated annually.
• Liaison with external and internal auditors;
• Supervise the Accounts Department’s function for the following:
Maintaining accounting controls by establishing a chart of accounts; defining accounting policies and procedures;
Ensure an accurate and timely monthly, quarterly and year end close;
Ensure the timely reporting of all monthly financial information;
Variance Analysis covering all aspects of business
• Manage the financial dealing with the Off taker i.e. Saudi Electricity Co. and ensure compliance with Power Purchase Agreement. Supervise the billing system and ensure timely and accurately provision of information.
• Manage and control operation & maintenance cost to ensure that it is in line with the budget
• Manage cash flow for the project to ensure:
Availability of enough funds for debt servicing;
Funds arrangement to meet working capital needs;
Debt service coverage ratio is maintained as agreed under Common Terms Agreement (CTA);
Placing of excess funds as short-term deposits;
Distribution of dividends to shareholders after complying underlying covenants
• Managing Liabilities Reserve Account by coordinating with the shareholders to have the required funds/facilities in place as required under CTA;
• Handled all Zakat Related Matters including VAT;
• Handled all Reporting Requirements of Group Head Office;
• Manage EPC payments by ensuring timely drawdown from EBL and Commercial Facilities
• Managing hedging agreements involving more than 10 hedge deals
• Managing construction budget to ensure that cost of the project is under control
• Liaison with Lenders’ Technical Advisor to get the approval of milestones payments
• Liaison with Intercreditor Agent to have timely drawdowns under the facilities
• Ensuring compliance with withholding tax law for all offshore payments
Key Achievements
• Planned and executed VAT implementation project;
• Lead the implementation of E Business Suite i.e. Oracle ERP in all four locations (Riyadh, Jeddah, Rabigh & Dubai);
• Member of the steering committee formed to handle the New Project valuing more than 200 million SAR. The Plant Started commercial production in April, 2015 and achieved Cash and Operational Break Even in 2017; and
• Finalized the synchronization of Hand Held Terminals’ Software with Oracle which resulted in improved control over Retail Operations
Job Responsibilities included but not limited to:
• Help the management in making capital investment decisions relating to fixed assets and capital structure by:
Valuation of the projects;
Suggesting optimal mix of financing for investment decisions to maximize the corporate value;
Help in making dividend decisions;
• Manage working capital of the company which include:
Cash management by preparation of cash flow projections and supervision of cash management activities i.e. monitoring and control of cash receipts and disbursements to meet the business and investment needs of the Company;
Inventory management with coordination of supply chain department by identifying level of inventory for uninterrupted production with reduced investment in inventory. Regular meetings held to review the inventory level by keeping the Sales Forecast in view along with due consideration of major repair and maintenance schedule of our own production facilities as well as of major suppliers;
Debtors’ management by identifying appropriate credit policy. Also responsible to monitor the adherence to organization’s credit policy;
Short term financing to fill the gap of cash conversion cycle;
• Supervise the Accounts Department’s function for the following:
Maintaining accounting controls by establishing a chart of accounts; defining accounting policies and procedures;
Ensure an accurate and timely monthly, quarterly and year end close
Ensure the timely reporting of all monthly financial information
Variance Analysis covering all aspects of business
• Manage Trade Finance and actively involved in supply chain decisions for imported materials
• Review and Approve Purchase Orders for all locations for value exceeding SAR 10, 000
• Finalize Annual Operating Plan (Budget);
• Help the management in pricing decisions;
• Costing and valuation of the products
• Manage risks and losses that may arise from financial transactions and business operations;
• Handled all Zakat Related Matters including VAT; and
• Handled all Reporting Requirements of Group Head Office
• Coordinated Due Diligence exercise for Equity Injection;
• Worked in liaison with Chairman, CEO and Legal Advisor to finalize the equity investment agreements;
• Worked in liaison with CEO, CFO and Legal Advisor to finalize and execute a major financial restructuring;
• Actively participated in preparation of Five Years Financial Model on the basis of which equity injection and financial restructuring was made;
• Active Member for CREI Committee (Cost Reduction and Efficiency Improvement) whose recommendations resulted in cost saving of around 15 million PKR per month
• Supervised the implementation of Distributors Management System
• Supervised the implementation of Milk Procurement System
Job Responsibilities included but not limited to:
• Manage Finance Portfolio of the Company. Total exposure both long term and short term was approximately PKR 2.5 billion which was obtained from 10 different financial institutions. All the activities relating to these finances like pricing, utilization, repayments, renewals, collateral arrangements etc. was being supervised by me;
• Finalize Annual Operating Plan (Budget);
• Handle Tax related matters;
• Prepare periodic reports on Actual results vs. Budgeted results;
• Monitor accounting, financial and revenue control processes for accuracy, completeness & reliability of work and operations;
• Involve in pricing decisions;
Manage risks and losses that may arise from financial transactions and business operations;
Manage Trade Finance and actively involved in supply chain decisions of imported materials; and
• Handling of Accounting and corporate affairs of all associated concerns.
Key Achievements
• Complied fully with Code of Corporate Governance Requirements;
• Managed to get the Sales Tax Refund of more than 40 million PKR
Job Responsibilities included but not limited to:
• Preparation of Annual Accounts, Quarterly Accounts and Half Yearly Accounts to fulfill the Regulatory Requirements;
• Preparation of Monthly Accounts for Management Purposes;
• Preparation of various daily reports which include Debtors Aging, Funds Receipt and Payment Position, Product wise Sales Summary, Area-wise Milk Purchases, Creditors Position etc;
• Costing of the products; and
• Dealing with Tax Authorities which include filing of different Income Tax and Sales Tax Returns
Key Achievements
• Independently performed more than 18 assignments
• Documented, made assessments and suggested improvements in internal control systems of Haleeb Foods Limited and Masood Fabrics Limited
Job Responsibilities:
Attained extensive practical experience in audits of various types of organizations including quoted, un-quoted and private limited companies. Scope of work, inter alia, included ensuring compliance with management policies, reviewing existing systems to identify control weaknesses and examining financial statements to ensure compliance with National and International Reporting Frameworks.
During the course of training, various commercial and industrial sectors were audited, which included:
• Textile And Composite;
• Cement;
• Food And Dairy;
• Insurance;
• Sugar And Distillery;
• Fertilizer
Chartered Accountant
Graduation