CFO
Salem Mohsen Al Harty Estt.
Total years of experience :16 years, 6 Months
Review and Re-structure the Finance Division;
Establish and Implement Policies, Procedures and company-wide KPIs;
Implement Working Capital Management and Treasury Operations;
Preparation of Budgets for Operations and CAPEX;
Advise Business Operations on Investments;
Advise Management on Diversification;
Implement Debt Financing thru Financial Institutions.
Review the MIS and IT system and Re-orient towards timely and effective reporting to Management.
Effect Annual Statutory Audit by one of the Big4s;
Reporting Directly to DY. CEO
Duties and Responsibilities
Implement working capital and Treasury management system;
Implement budgetary & Cost control systems for increased Return on Equity;
Implement purchase/stock control limits/budgets to avoid risk of over trading
Sourcing of Institutional Finance facilities—
for Imports, Projects, Real-Estate-STLs and LTL-Oversee deployment and settlement on due dates.
Implement ERP system, Taxation and MIS Reporting;
Reporting to Board—Managing Director, Executive Director, Finance Director & Business Director.
Achievements
Streamlined Payment Processes thru standard formats and schedule of payments.
Ensured adequate liquidity thru effective Treasury and Working Capital management
Ensured the best relationship with financial institutions—SABB, AlAWWAL Bank and Banque Saudi Fransi.
Ensured an effective Cost control thru KPIs’ and Budget-Actual Analysis;
Commenced implementing upgraded version of FOCUS software for company-wide operations.
Raised Short-term Loan of SAR 44m (in two stages-2015-16) besides the General Facilities of SAR 49m from SABB and facilities worth SAR 48m from Saudi Hollandi Bank for Working Capital management.
Finalized a third Short-term Loan for SAR 35m(2017) and SAR 76m for Saudi ARAMCO Pjt. with SABB;
Successfully negotiated a separate SAR 246m facility for O&G, Aerospace Sector and Saudi ARAMCO-Marine Projects with SABB and National Commercial Bank, Al Khobar, Saudi Arabia.
Effectively implementing VAT based system for Invoicing, Reports and Returns to GAZT.
Participating in the Global Planning and Budgeting;
Finalising the Plans and Budgets for Saudi Arabia;
Monthly Revenue Accounting and finalization of accounts;
Convening Monthly Global Meeting and discussing Financials and Variance Reports;
Preparing direct cash-flows and working capital management;
Preparing Project Reports and Cost-Benefit Analysis for existing and new projects and programs.
Developing internal transaction processes and reporting to UK and Australia Offices.
Convening Board Meeting and liaison with Human Resource Development Fund for contract terms, new projects and project funding;
Liaison with Revenue and Statutory Auditors--KPMG, SAudi Arabia.
Reporting to
Director of Operations, Saudi Arabia;
Group Finance Manager, United Kingdom; and
Group Chief Financial Officer, 'Australia.
Heading the Finance, Costing and Accounts Division;
♣ Planning, Forecasting, Budgeting, Financials, Cash-Flow(Actual and Projections);
♣ Management Accounting and Analysis—Financial, Product-lines& Pricing, Business& Risk;
♣Sourcing of Funds-MTL & LTL, Liaison with and Presentations to Banks/Financial Institutions, including SIDF;
♣ Treasury and Working Capital Management(AP/AR, LCs(issue, refinance, special drawls, receipts), LGs);
♣ Inventory Control, Procurement Policies and Procedures, Pay-roll, Admin., HR & Compensation Policies;
♣ Documentation and Negotiation with Banks for Export Sales under LCs(GCC & MENA AREA);
♣ Coordinating with IT & Production Departments-MIS Reports, Plant Load Factor &Product line Profitability;
♣ Securing system of Internal Controls, Internal Audit(Processes), Drafting Manuals-Policies and Procedures;
♣ Reports and Returns, Analysis to Management; Training of Team Members in system and processes,
♣ Finalization of Accounts and Liaison with Statutory Auditors—Deloitte &Touche, Saudi Arabia;
♣ Reporting to the DIRECTOR(FINANCE & ADMINISTRATION) and CEO.
Achievements
Raised Institutional Funding to the tune of approx. SAR 150 Mn.;
Achieved effective level of Working Capital Management and Balanced Cost of Funds;
Introduced Costing System, Budgets,
Recruited Accounting-Finance Personnel, trained and streamlined Accounting Processes;
In the Second Commercial Year itself, a Profit level at 2% of ATO achieved.
Heading Project Finance Division— Project Finance, Costing, Preparation for Bidding/Quotations;
♣ Raising and Organising the Institutional Project Finance and Co-ordination with Project Management Teams.
♣ Management of all Captive Divisions as Cost/Profit Centers with due reporting systems;
♣ Treasury and Working Capital Management, Cash-flows, Liaison with Banks & Financial Institutions;
♣ Budgets, --Yearly and Monthly; Analysis for Variance & Gaps and Reports;
♣ Preparation of Capex Budget, Funds and Cash Flow and Analysis, Expense Approvals;
♣ Detailing/advising the Management on Investment Options, Strategies for investments and managing funds;
♣ Convening Meetings/Presentations; Preparation of Analysis, Reports and Returns;
♣ Co-ordination with the MIS Division for due Analysis and Reporting on Projects’ Performance,
♣ Financials of all Captive Divisions, Regulatory and Compliance Reporting to the appropriate authorities.
♣ Internal & Operational Audit of Projects(Expenses & Internal Control System) and Captive Divisions;
♣ Consolidation of Accounts, Liaison and Interaction with the Statutory Auditors--(Ernest & Young, KSA);
♣ Reporting Directly to the VICE-Chairman/GENERAL MANAGER
Achievements
Introduced Budgets & Variance Analysis for each Project and Functional Departments;
Adopted JIT method in Project Funding and raised approx. SAR 350Mn. thru Institutional Financing;
Introduced Professional Auditors-E&Y for Statutory Audit.
Implemented an effective Internal Control System.
The finance costs were controlled and projects appeared more profitable.
All these resulted in a 7% + profit level in the projects.
Budgets and Analysis for variance; Maintaining Accounts up to finalization;
Areas of Costing, Quotations and Evaluation (envisaging 50%+ share of work)
Arranging short and medium term finance from Banks;
Liaison with Creditors, Treasury and Working Capital Management;
Finance and Management Accounting and Analysis;
Internal Auditing; Report Gen. on Cash and Fund Flow;
Supervise the work of Accounts and Tax (Sales Tax and Income Tax) division;
Reported to the Manager (Operations) and Managing Partner.
(More than 70% of the work environment is computerized).
Achievements
Introduced a schematic system of Costing and a payout management program accompanied by a credit-control system, which in turn improved the working capital management and the overall financial health of the organization, by reducing the finance cost and improving the profitability by 2-3% annually.
Budgets and Analysis for variances; Maintaining Accounts up to finalization;
Areas of Costing, Quotations and Evaluation;
Liaison with Creditors and Working Capital Management (Spl.attn.Cashflow);
Finance (Plg.), Treasury Management, Management Accounting and Analysis;
Purchases (including local purchases) and Stock Control;
Supervise the work of Accounts and Tax (VAT & Profit Tax), Profession and Employee Benefits division;
(The system is 100% computerized with Peach Tree program on net basis)
Achievements
Introduced Product Costing and Extended Pricing for High End Customers.
Streamlined the Accounting Processes, enabling effective control from the Head Office to the Market level;
Introduced Mobile Freezer Units, enabling timely delivery and reduced inventory;
Introduced Credit Control system for customers and obtained increased Credit-terms from suppliers.
All the above entailed in an efficient working capital management and profit also marginally increased by 4.5%
THE INSTITUTE OF COST ACCOUNTANTS OF INDIA --ICAI--IS PROFESSIONAL COST, FINANCE AND MANAGEMENT ACCOUNTING BODY, FORMED UNDER THE INDIAN PARLIAMENTARY ACT OF 1957 AND ENTRUSTED WITH THE AWARD OF MEMBERSHIP TO THE PROFESSIONAL BODY TO QUALIFIED CANDIDATES FOR FOSTERING AND GROWTH OF THE COSTING, FINANCE, COST AUDIT AND MANAGEMENT ACCOUNTING PRINCIPLES AND PRACTICE. THE QUALIFIED MEMBERS ARE ABOSRBED AS ASSOCIATE AND FELLOW MEMBERSHIP ACCORDING TO THEIR MEMBERSHIP SENIORITY RESPECTIVELY.
THIS IS A MASTER'S DEGREE IN THE RUSSIAAN LITERATURE AND LANGUAGE INCLUDING PHONETICS. AS A PART OF THE STUDIES AND OUT OF INTEREST I HAVE PRODUCED THE FOLLOWING PUBLICATIONS:- Published an article on ‘Comparative Literature – ‘English and Russian’ and an article on ‘Ivan Alexeyevich Bunin’ in the Journal of Russian studies, Dept. of Russian, University of Kerala.
THIS A BACHELOR'S DEGREE IN COMMERCE -- B.Com.
