International Finance Manager
Alhokair Group (Logistics Fashion Trading DWC)
Total years of experience :24 years, 9 Months
Fawaz Alhokair is one of the leading business groups in fashion retail industry. They have more than Eighteen Hundred (1800) outlets across the Middle East region. In addition to KSA, they have expanded their international business that is being controlled by Dubai head office. Logistics Fashion is the platform supervising Alhokair’s international business spread across 12 countries within MENA and CIS region
Core Functionality: Responsible for consolidation unit for financial reporting of international business which includes weekly, monthly, quarterly and annual financial reports. Managing cash flow on macro level so that the funds can channelized in an optimal manner. I am dealing with multiple currency issues of 12 countries who are reporting to head office in Dubai. I am also responsible for reviewing the seasonal buying plans and making recommendation on it for all international business along dealing with ERP issues
Major Responsibilities:
• Dealing with banks regarding financing and operational matters
• Responsible for consolidation of 13 countries for all international business weekly, monthly and yearly financial reports and making valid analysis on it
• Managing company's financial accounting, monitoring and reporting systems
• In depth inventory analysis which is the core of any retail business to support the management
• Preparing cash flow forecasts, cost analysis and measuring the through put to support the business leaders
• Developing dashboard reports for the top management to keep them informed about current business outcomes
• Identifying future borrowing needs and identifying best sources to get the funding
• Ensuring that sufficient funds are available to meet ongoing operational and capital investment requirements
• Managing the preparation of company's budget & preparation of strategic analysis
• Producing store wise and brand wise analytical reports to ensures that all business segments are on track to meets targets
Key Achievements
• Developed profitability analysis reports on different classifications
• Developed real time daily business efficiency report circulated among all the managers
• Developed cost benefit analysis reporting structure.
Major Responsibilities:
• Assisting in formulating the company's future direction and supporting tactical initiatives
• Monitoring and directing the implementation of strategic business plans
• Developing financial, tax strategies and managing the capital request and budgeting processes
• Developing performance measures that support the company's strategic direction
• Participating in key decisions as a member of the executive management team
• Managing the accounting, human resources, legal, tax, and treasury department
• Overseeing the company's transaction processing systems through supervision of CRM department
• Supervising acquisition due diligence and negotiate acquisitions
• Understanding and mitigating the key elements of the company's risk profile
• Monitoring all open legal issues involving the company, and legal issues affecting the industry
• Monitoring cash balances, cash forecasts, arrangement of funds from financial institutions as per requirement of company
• Maintenance of relationship with financial institutions & with Principal (Porsche Middle East)
• Developing the pricing strategies and responsible for quota allocation
Key Achievements
• Formulated the Business development plan in order identify and achieve goal congruence
• Introduced Revised Tax Policy which in turn saved Rs. 30 Million per annum on average
• Effectively negotiated valuation model of vehicles with custom authorities & Pricing with Principle
• Supervised and implemented the ERP system
• Developed Internal Control Policies, Procedures & Guidelines
Major Responsibilities:
• Preparation the accounts of the company on a monthly and quarterly basis, ensuring timely submission of reports and other financial information requested to by the Group according to the established deadlines
• Preparation of annual statutory audits, to liaise with internal and external auditors and assist in preparation of reports & ensuring that the business is fully compliant with IFRS
• Ensuring that all contracts and business dealings are in accordance with established Company practices and conform to local laws
• Evaluating performance of Accounts staff and providing coaching and development opportunities as required. This includes recommendation for relevant trainings
• Financial Management of cash flow - including review and preparation of weekly/monthly statements and monitoring excesses
• Advising to Senior Management in a timely manner of any issues and required actions to be taken
• Procurement control, including implementing and ensuring adherence to the Schedule of Authority for expenditure
Key Achievements
• Successfully introduced & managed Funds Management Plan
• Designed and implemented accounting and reporting procedures
• Implemented ERP system through in house IT Development
• Significantly arranged Financing Facilities in Afghanistan of USD 4 Million against company existing assets
• Effectively negotiated billing receipts with USAID which reduced working capital requirements up to USD 2.5 Million
Himont has established itself among the medical community as a responsible and professional partner with quality products and services. Himont has established itself as market leaders in some formulations causing other companies to test their quality against Himont products
Major Responsibilities:
Product Costing & Responsible for Budgetary control
Making Product wise profitability, analyzing the variances and making recommendations to the management
Investigating variances against budgets and provide analysis of differences. Having monthly meetings with management to discuss the budgetary position and agree action plans where required.
Assist in the preparation of annual budgets and cash flow forecasts.
Responsible CAPEX accounting for the company through accountants and supervising the fixed asset register
Evaluating CAPEX proposals by comparing them with budgets and advising management on the feasibility
Key Achievements
Pro-actively controlled the promotional budget for the first time in the history of the company.
Managed material ordering which in turn reduced the inventory holdings by Rs. 30 Million
Established the cost controlling and contributed towards goal congruence by enhancing profitability through reduced cost and by advising on best portfolio sales
Major Responsibilities:
Producing product costing for processing and weaving industry and developing order & re-order levels
Invoice wise costing and comparing it with total cost of sales
Responsible for producing stock valuation reports at the end of month
Liaison with R & D (Lab) department to reduce the product cost through revision of product recipes
Making reports which helps in the wastage control
Key Achievements
Designed and Implemented Cost Controlling Systems in Processing and Weaving Industry.
Succeeded to reduce monthly production cost by Rs. 8 Million by implementing the cost controlling systems.
Revised the rate negotiation criteria with customers because of true reflection of cost against customer orders, resulting in enhancement in the GP percentage by 3% by customers combination change.
CIMA (Chartered Institute of Management Accountants)- Strategic Level Passed Chartered Institute of Management Accountants (May 2012 – January 2014
FCMA (Fellow Member of Institute of Cost and Management Accountants of Pakistan) ICMAP, Institute of Cost and Management Accountants of Pakistan (Jan 1997 – Feb 2001)
Bachelor of Commerce (Cost Accounting, Financial Accounting, Industrial & Commercial Laws and Commerce) University of the Punjab, Lahore, Pakistan (Nov 1993 – Aug 1996)