Group Accounting & Reporting Manager
Al Suhaimi Holding Company
Total years of experience :19 years, 1 Months
AL SUHAIMI HOLDING COMPANY • Saudi Arabia • Jan 2018 to Present
Al Suhaimi is a diverse Group that caters to a spectrum of industries including Contracting, Services, Manufacturing, Trading & Real Estate and plays a vital role towards the economic development of the Kingdom of Saudi Arabia.
GROUP ACCOUNTING & REPORTING MANAGER • Jan 2018 to Present
Lead the Consolidated Accounting & Reporting for the Group, its subsidiaries and associates. Collaborate with the Finance Teams of respective entities to ensure timely reporting and accordingly undertake the requisite analysis to cater to the Shareholders needs. Work directly with the Group CFO for all strategic finance & investment decisions.
Key Accomplishments:
• Spearheaded the IFRS implementation across the entire Group as per the new SOCPA requirements & fulfilled the statutory requirements of presenting 2018 Financial Statements in compliance of IFRS.
• Successfully led the upgradation of Accounting & Procurement module at the Holding Company.
• Designed & implemented templates for monthly, quarterly & annual Financial Reporting to ensure holistic reporting for the BOD.
Supervising the finance team of three production facilities across KSA (Kharj, Jizan & Najran) & the HQ (Riyadh), leading the Treasury team, managing organization wide cashflows and collaborating with the CFO on all strategic financial decision making.
Undertake strategic analysis and assist the CFO with strategic planning, including leading on the development of the annual and medium term financial plans across the organization in compliance with the strategic objectives.
Influence decision making where appropriate to achieve budget, targets and strategies.
Establish reporting, monitoring, and accountability systems that ensure highest standards of financial integrity are being maintained.
Liaising & reporting to the Group CFO on a regular basis to support in decision making congruent to the overall organization objectives.
Provide effective leadership and operational management to the team, ensuring that staff adopts the values and deliver a high performance culture.
Leading the implementation of International Financial Reporting Standards (IFRS) and VAT in RDB EL Seif.
RDB El Seif is one of the leading precast concrete manufactures in KSA with two manufacturing plants.
As a Senior Finance Manager, I am leading a team of 15+ members from 4 different teams under the finance remit. Alongside, contributing to the growth of the company and adding insight by being an active member of the management & credit committee.
Current areas that I supervise:
• Accounting & Reporting: Formulating financial, management and other analytical reports to present to the Board on a timely basis to showcase the financial stability of the company.
• Treasury & Fund Management: Collaborating working with more than 3 banks in KSA to ensure smooth functioning of the treasury and managing more than SAR 200 million worth of financings from bank for various projects.
• Costing & Budgeting: Preparing, presenting and monitoring the annual budgets and tracking the variances keeping into consideration the assigned cost & business controls principles.
• Business Control: Spearheading the invoicing for a customer base of 10 mega projects. Resultantly, this ensures timely collections of funds and keeps the cash flow healthy.
• Strategic Feasibility Studies: Conducted a detailed financial feasibility report to be presented to Saudi Industrial Development Fund to secure funding worth SAR 150 million for the JV being set up in Jizan. This entailed closely working with the finance team at corporate level and aligning with the overall marketing strategy for the organization.
• New Plant Set-Up: Arranged the financing for new plant of SR 200M for RDB in Jizan, KSA. The other major tasks entailed:
• Managing the CAPEX, OPEX & Cash Flow statements;
• Liaising with banks and other financial institutions for ensuring timely financing;
• Responsible for developing an optimal finance team structure and recruiting the right talent;
• Collaborate with the Project Manager for accomplishment of devised targets;
• Legal: Closely working with the corporate lawyer and ensuing compliance to Saudi Arabia legal framework.
• ERP Implementation: Leading the Oracle implementation team for RDB El Seif and collaborating with all the stakeholders to ensure effective execution & transition.
1. Oversee all the areas of accounts & audit and accordingly prepare monthly and annual financial statements. Moreover, I am responsible to interpret & analyze the reports to formulate reports, presentations and other documentation for monthly, quarterly & annual board meetings;
2. Develop long term harmonious relationships with all the external stakeholders of the organization which primarily include bankers, suppliers and customers;
3. Liaison with auditors to ensure annual audit is carried out and zakat is filed in time;
4. Arrange new sources of finance and debt facilities as per the requirements of the organization;
5. Ascertain that all transactional, payroll and legal requirements are met;
6. Implement financial plans and ensure prudent liquidity management;
7. Administer budgets and analyze margins with a vigilant eye on emerging risks;
8. Monitor cash flows statements and predict future trends;
9. Leading, mentoring and supervising a team of 12 employees in the finance team to ensure accurate completion of tasks;
10. Collaborate and closely work with other departments for the greater success of organization;
11. Undertaking strategic analysis and assisting with strategic planning.
I was assigned to lead teams through the planning, execution and finalization stages of statutory audits, assisting clients in preparation of financial statements and reporting of significant issues to the management. My key responsibilities included:
1. Managing risk on audit assignments and ensure appropriate evaluation and compliance;
2. Ensuring timely completion of assigned work for onward review of Directors / Partners;
3. Leading teams in the execution of engagements and writing reports for key stakeholders;
4. Securing and enhancing effective relationship with clients and delivering value to the client by providing knowledge, ideas and solutions for improving their business;
5. Conducting controls review and ensuring that policies and procedures have been properly complied with;
6. Decision-making for resolution of critical reportable matters;
7. Ensuring that the financial statements prepared by the client are in accordance with the International Financial Reporting Standards (IFRS) and all applicable local laws and regulations;
8. Reporting to various authorities for compliance of laws and regulations (CMA, SAMA, DZIT etc);
9. Reporting system and financial issues and recommend improvements to bring effectiveness and efficiency.
The clients I handled were:
1. The Company for Cooperative Insurance (Tawuniya)
2. Malath Cooperative Insurance & Reinsurance Company
3. Saudi Indian Company for Cooperative Insurance
4. Amana Cooperative Insurance Company
5. BNP Paribas Investment Company
6. Nokia International Oy
7. Nokia Siemens Tietoliikenne Oy
8. Sara Business Solutions
9. DELL FZ LLC
10. RDB - El-Seif Company
11. Saudi Pharmaceutical Company
I was involved in the statutory annual audits and / or half yearly reviews of various clients in the Pharmaceutical, Chemical and Manufacturing, Industrial Transportation and Travel and Leisure industry:
1. International Textile Limited
2. Colgate Palmolive Pakistan Limited
3. Crescent Industrial Chemicals Limited
4. Bush Boake Allen Private Limited
5. Merck Sharp & Dhome
6. Pakistan National Shipping Corporation
7. Pakistan International Airlines Corporation
Special Assignments:
1. Royalty Remittance and Dividend Remittance of Colgate Palmolive Pakistan Limited
2. Internal Audit of Pak Kuwait Takaful Company Limited
TOPCIMA Candidate 2015- Chartered Institute of Management Accountants, UK.
Associate Chartered Accountant – Associate member of the Association of Certified Chartered Accountants, UK since 2013.
