Group Financial Controller
EFS Facilities Management Services LLC
Total years of experience :23 years, 2 Months
.Selected to strengthen financial control, deliver reporting continuity and improve integrity of financial information as Regional Financial Controller for Abu Dhabi and western region based in Abu Dhabi reporting to the CFO. Subsequently promoted as Group Financial Controller reporting to CEO in Oct 2014
This well known group provides total integrated FM services, and operations and maintenance solutions across the Middle East. Currently reporting to the CEO with overall accountability for the effective delivery of the Finance department and overseeing the stores, and procurement functions, primary responsibilities in the various assignments include;
• Financial Reporting & Control
- Provided strategic financial support to Abu Dhabi OPCO to take the revenue up by 339%, the net profit up by 94% with a manpower increase of 531% during my tenor.
- Reduced the reporting timelines by 33%
- Ensure preparation of monthly balance sheet, P&L and cash flow and carried out analytical reviews to calculate budget variance and identify in-efficiencies to be eliminated to improve productivity.
- Timely reconciliation of all cash, bank and intercompany balances, suppliers and customers to improve reporting accuracy.
- Ensure Consolidation of Group Companies MIS on a monthly basis for reporting to Chairman and Board the overall group performance.
- Report on project wise & product wise profitability and allocation of overheads on each project (activity based costing)
• Business Planning & Analysis
- Lead all budgeting and financial planning processes within the unit to align them with the long term strategy and the annual business plans.
• Finance Systems
- Initiate and implement Change management within the finance department to improve efficiency of the department
- Provide commercial due diligence Strengthening existing financial controls, especially in disbursements.
- Established SOP for various functions and processes to streamline operations and implementing such changes and includes writing of procedures and policies manual for the group
- Implemented the Inventory Management system through Oracle JDE Edwards ERP software.
• Financial Risk Management
- Reviewing contracts and interpreting them for financial invoicing and risk management.
- Interacting with Internal and external auditors and consultants and ensure timely implementation of internal and external audit recommendations in all locations.
- Ensure adequate insurance policies are in place to cover professional, third party and medical insurance.
• Treasury & liquidity management
- Monitor Cash Flow on a weekly basis and Forecasting of working capital requirements to ensure availability of funds by developing and maintaining strategic relationships with banks including creating proposal for submission to banks and negotiating banking facilities to include LC lines, OD and Trust receipts and Bills discounting.
• Team Leadership, Staff Coaching and Development
- Establish staff KPI’s to monitor their performance on an on‐going basis and ensure performance reviews are conducted against agreed KPI’s
- Training of divisional staff for new process implementation including preparing the training manual contents. Coach and mentor staff as appropriate.
- Support the management in succession planning by identifying the tier 2 team and entrusting them with additional important responsibilities.
• Operational and Strategic Support
- Preparing costing for commercial bids for new projects
- Support the team for IPO readiness.
- Overseeing the establishment of branch offices with the MENA region.
- Occasionally travel within the Middle East to ensure that group companies operations are aligned to corporate strategy and goals.
- Prepare Board Presentations
- Engaging Clients and Shareholders as required.
This well known group has diversified interests in providing Parking Management solutions, Valet Parking, Transportation, Real Estate, Network & Security Solutions, Testing & Measurement Equipments, Limousine, Laundry and Catering services through its 6 group companies with a man-power of over 1500 employees with multiple offices diversified in the service, contracting, trading and real estate sector.
Reporting to the Board, Shareholders and Group General Manager, I head, Finance & Accounts, with over 30 staff reporting. My primary responsibilities and achievement in a limited time frame include:
• Restructured the assimilation of financial data and standardizing reporting for all group companies.
• Strengthening existing financial controls, especially in retail cash collection locations increasing the revenue by over 15%.
• Segregating Purchase function for better internal control and to achieve cost reduction. Achieved a 25% overall cost reduction.
• Implemented location wise and department wise profitability analysis to identify and eliminate loss making areas.
• Analyzed man power allotment to various business units and their productivity based on revenue per head.
• Established SOP for various functions and processes to streamline operations.
• Forecasting group working capital requirements and negotiating banking facilities.
• Negotiating and restructuring existing bank funding of investment in property acquired for leasing, self use and freehold investment for trading purpose.
• Identifying & Implementation of HR & ERP IT solution to cater to the requirement of group companies and their activities.
• Ensuring the generation and submission of monthly MIS, comprising of financial statements, occupancy ratios, capacity utilization of assets, project profitability and financial management.
• Undertaking sensitivity analysis for negotiating contracts with prospective customers including government organizations.
• Interacting with Internal and external auditors, Owner’s representative & Legal advisors and consultants.
• Meeting supply partners negotiating supply terms, resulting in the increase of average credit period by over 45 days and reduction in costs.
• Conducting feasibilities for new projects and provide financial suggestions / recommendations.
• Providing guidelines and support to Division Heads to enable the preparation of Division budgets and to define areas of Cost Control to them.
The group has diversified interests in manufacturing and trading of Medical-surgical consumables, supplies and disposables; Mobile surgical and laboratory units; Home health care products; Medical and laboratory equipment and supplies; Force protection, security and surveillance systems and Real Estate, with presence in 4 countries.
Reporting directly to the Chairman, my responsibilities include:
• Supervise the preparation of monthly financial statements and present the financial performance, results and trends for individual companies and Group.
• Analyze and interpret the statistical and financial data to evaluate operating results in terms of costs, budgets, trends and increased profit opportunities.
• Negotiate banking facilities, establish and maintain banking relationship.
• Prepare the annual business plan for the individual group companies and its consolidation.
• Defining and implementing a credit policy.
• Responsible for the functioning of the accounts department of all overseas location.
• Identify areas for future growth of the group and cost reduction areas including feasibilities studies for diversification projects.
• Analyzing and changing Agency agreements for the group with overseas multinational.
• Actively involved in communicating with legal attorneys for advice on contract and legal action in UAE.
• Providing financial infrastructure for expansion of business in Europe with setting up office in London.
• Designed & Instituted, a comprehensive pricing module being used as the base module for deciding pricing strategy covering all the states in India, where each region is governed by different tax laws and for retail distribution in the UK.
• Occasionally travel to group company offices to implement and decide financial and accounting structure for the region.
• Dealing with Building Contractors, Sub Contractors, MEP Contractors, QS and Architects, approving running bills of the construction partners.
• Responsible for the bottom line of Real Estate & Investment Division with a target of building a Real Estate portfolio of AED 200 million covering UAE, India, Pakistan and USA including obtaining external financing from international financial institutions including Credit Suisse and UBS
• Decide investment strategy, portfolio mix, review investment products and decide investment in stocks, funds, private equity, real estate and libor linked products, shares and currency linked products including currency swaps.
• Share trading in DFM of AED 30 million and Investment in bonds, structured products with FOREX character, Equities linked products, Commodities, Private Equity and Funds for yield enhancement.
• Negotiated and prepared in consultation with external audit a feasibility report for setting up Hotel in Pakistan Airport and bidding for the project including negotiating with Ra
Chartered Accountant