GROUP CHIEF FINANCIAL OFFICER CFO
AL-KHABEER CAPITAL , EED CLINIC GROUP – JEDDAH, SAUDI ARABIA
مجموع سنوات الخبرة :32 years, 8 أشهر
1) Corporate Strategy:
-Coordinating the development of a value-maximizing overall corporate strategy for the company.
-Ensuring that plans are in place to create maximum value for the company from its current businesses.
- Assessing the value creation potential of plans on an ongoing basis.
- Ensuring that plans focus on key issues by challenging key assumptions and the rationale for changes in performance, and providing external reference points for value creation opportunities (for example, value of the businesses to alternative owners)
- Acting as a sounding board for the CEO and Group Heads on critical proposals.
- Establishing financial measurement standards and developing systems to monitor performance against goals.
-Supporting the development of corporate expansion strategies to create additional owners value.
- Developing perspectives on market opportunities in businesses closely related to current businesses.
- Assessing the company’s skills and assets in place for pursuing opportunities and suggesting programs to build skills to fill gaps.
- Conducting business and financial evaluation of specific proposals.
-Planning and executing major transactions required to implement the company’s strategies.
2) Financial Strategy:
-Responsible for developing, recommending, and executing an overall financial strategy for the company that supports its business strategies and captures maximum value for its owners.
- Developing and creating capital structure.
- Designing and managing a strategy for communicating the key elements of the company’s plans and performance to (future) investors and the financial community.
- Negotiating and executing all major financial transactions.
3) Budgeting and Management Control:
-Design and implement processes to ensure company’s senior managers have the right information to set goals, make decisions, and monitor performance.
- Coordinating in preparing of short-term budgets.
- Developing key performance measures for each business group.
- Ensuring that business groups have adequate management controls in place.
- Evaluating business-group performance in conjunction with the CEO and Group Heads.
4) Financial Management:
-Ensure the effective and efficient management of financial operations:
- Ensuring that all external reporting and compliance obligations are fulfilled.
- Establishing controls to safeguard the company’s assets.
- Ensuring the integrity and efficiency of cash, receivables, and payables management.
- Filing and paying all tax and Zakat obligations.
- Pursuing opportunities to reduce the company’s tax burden.
- Maintaining strong day-to-day relationships with the company’s banks.
MAHAM AL-KHALEG TRADING GROUP (MATCO) - DAMMAM, SAUDI ARABIA
Maham Al-Khaleej Co. (MATCO) is a 100 % Saudi Limited company established in 1998 with the mission of filling an identified gap in the Information & Communication Technology (ICT) marketplace through architected solutions, packaged professional services and total turnkey projects execution with annual revenues in excess of SAR900M.
GROUP FINANCIAL CONTROLLER, OCT 2013 - PRESENT
Tasked with restructuring and streamlining the organization’s accounting and finance department to enhance the organization’s overall financial position. This included working together with the company’s various division’s heads and shared service departments such as procurement, logistics, insurance and inventory to develop a comprehensive framework for enhanced fiscal responsibility.
NOTABLE ACHIEVEMENTS:
• Restructured the accounting and finance teams to better support the organization’s SR 1 Billion growing business.
• Improved financial planning and finance operations resulting in a savings of the last two years approximately 18MSAR for FY 2016 and 21MSAR for FY 2017.
• Increased coordination with the procurement department on financial terms and planning thereby achieving additional savings of the last two years 12MSAR throughout FY 2016-2017.
• Reduced delinquent receivables from 60% to 12% via the establishment of a professional collection team, strategic collection plan along with strict procedures which resulted in the recovery of SR 2.5 million of bad debts and accelerated collection process by 400% as compared to previous company benchmarks.
• Enhanced company standing and relationships with banks resulting in better bank support and a 20% increase in existing credit facilities limit.
• Key member of the Oracle Enterprise ERP implementation team.
• Revamped financial reporting to operational divisions and executive management to facilitate strategic operational and executive management decision making.
• Reduced the cost of marine insurance and freight by 25% and by applying the incoterms properly.
• Restructured some of the operating and administrative expenses resulting in savings of additional 3% (overtime, vehicle maintenance, Marketing expenses, Operation Expenses).
• Worked closely with division heads and project management to improve billing and collection processes.
• Worked with the logistics department to implement a strategic plan for increased control and visibility over the importation process for equipment and materials which resulted in a noticeable reduction in penalties and demurrages charges / fees.
• Reduced LCs and LGs issuance fees by SR 1 Million.
• Reduce operational finance costs by SR 3 (28% reduction) thereby improving cash flow and the company’s financial position.
• Initiated and directed new payment terms and methods for payment to improve company’s short and long term liquidity and to meet both internal and external obligations/disbursement.
• Revamped the organizations petty cash policy to ensure effective and efficient usage thereby reducing petty cash outflows from 7.2% to 2.2% over the course of 2 years which also resulted in increased accuracy in project petty cash cost allocation and mitigation of potential misuse.
• Conducted reviews and evaluations for cost reduction opportunities, including improved follow up with operations and logistics to ensure:
- Proper material specifications on ordered materials to avoid material rejection at the time of delivery
- Faster clearance times and overall on-time delivery for faster billing cycles
- Proper verification of banking documents to reduce discrepancies and associated charges and delays.
• Improved relationships with local banks and creditors which resulted in the increase of existing credit facilities without sacrificing timely settlement of financial obligations .
ANDALUSIA GROUP - JEDDAH, SAUDI ARABIA
Andalusia is one of the leading regional healthcare provision space in the Middle East founded in 1984 in Jeddah, Saudi Arabia. With a network of general hospitals, specialized medical centers, and polyclinics across Egypt and Saudi Arabia, and grown over 30 years to own and manage several healthcare facilities in both Saudi and Egypt with annual revenues in excess of SAR 450M.
My Tasks:-
Drive continuing improvement in the efficiency and effectiveness of accounting and finance functions as well as all related accounting and operating software. Work in close collaboration with all-parties to ensure the timely and accurate submission of all financial reports.
NOTABLE ACHIEVEMENTS:
• Developed accounting and finance team to support around SR 500 Million business.
• Establish Standard costing system that eliminate the distortion in the item cost which has direct effect to increase the market share by 35%.
• Re-negotiate the current facilities with bank to get suitable terms which has direct effect to increase the net income by 7M.
• Improved the financial position with vendors and main suppliers by reconciling delinquencies and negotiating new terms of payment.
• Managed company’s financial accounting and monitored reporting systems.
• Strengthened the company’s external relationships with banks and creditors.
• Implemented the use of KPIs to gauge financial performance which resulted in better management of bank accounts, transaction tracking and facilities management as well as increased accuracy and timeliness of financial reports used for recommendations and decision making.
• Managed and safeguarded company's asset (mainly inventory) and accounting principles for counting and valuation.
• Monitored cash flow and worked with various operation heads to forecast requirements and control avoidable expenses.
• Provided recommendations supported by analytical studies to general management and owners on company restructuring, based on the financial performance of operating divisions and sister companies. This resulted in the elimination of inefficient operations and enhanced the existing business activities and as such overall company profitability, stability and liquidity.
• Developed a model to be used for the determination of the organization’s annual budget including a bonus scheme for performance based rewards.
YOUSEF AL-DOSSARY GROUP - DAMMAM, SAUDI ARABIA
Yousef Al-Dossary EST. Founded in 1950 as a contracting organization that has contributed to the development in the eastern region in terms of the establishment of numerous infrastructure constructions, the group has several factories in the industrial city (Advanced Plastic product and Polystyrene) in addition it has several real estate’s projects.
My Tasks
Orchestrated the efforts of three senior level and six staff level accounting professionals tasked with providing all necessary accounting support to the Commerce Group with combined assets of SAR600M and annual revenues of SAR450M.
NOTABLE ACHIEVEMENTS:
• Managed bank's facilities in a professional way that encouraged local banks to increase the credit limit up to 400% on existing limit.
• Managing the implementation of ERP system AX Dynamic from the beginning for all modules with the support of other departments. (user requirement - customization - training -testing - go live)
• Changing the old local auditors to Ernest and Young and issue 5-year unqualified report.
• Create costing system that provides profitability by line, product and invoice.
• Finalize and solve problem with Zakat agency.
• Improved company's liquidity and financial position by optimizing and streamlining internal and external operations.
• Improved relationships with local banks and creditors which resulted in the increase of existing credit facilities without sacrificing timely settlement of financial obligations
• Review the preparation of quarterly financial statements prior to submission to senior management and the corporate.
• Formulated a time flow model to avoid demurrages and detentions, yielded to a noticeable reduction in logistics cost by 15%.
• Worked with the COO & Procurement Department to secure alternative suppliers of raw materials resulting in a significant reduction in direct material cost.
• Identified and shared areas for cost cutting and improvement in procurement and sales departments which had a positive impact in operating expenditure, and improved the competitive position in the market.
RESPONSIBILITIES:
• Lead and manage financial planning, analysis, forecasting and reporting process, as well as direct the timely and accurate preparation of profit and loss account, balance sheet, standard and special management reports, providing financial analysis and recommendation for management decisions. As a part of a global organization, work with all functional areas and project teams within the organization.
• Direct the financial planning and accounting practices, as well as its relationship with lending institutions, shareholders, and the financial community.
• Manage relationships with intra Group and external control authorities.
• Direct and oversee all the financial activities including preparation of current financial reports, summaries and forecasts for future business growth and general economic outlook for the South American.
• Provide development, analysis, and interpretation of statistical and accounting information to appraise operating results in terms of profitability, performance against budget, and other matters.
• Develop, implement, and lead strategic business and operational projects, programs and systems.
• Helps establish major economic objectives and policies for the company. Prepares reports in the areas of income, expenses, and earnings based on past, present, and future operations.
• Direct and oversee treasury, budgeting, audit, tax, accounting, long range forecasting, and insurance activities for the.
• Have broad responsibility for policy interpretation, and policy guideline formulation.
• Responsible for all aspects of financial and corporate planning, analysis, budgeting, and forecasting.
• Analyze historical data and current trends to identify financial risks and opportunities.
• Directly communicate with each of the primary financial functions within the company; financial reporting, budgeting, forecast and business development.
• Proactively provide analysis of project costs to determine trends and unusual results.
• Manage monthly reporting of actual financials (Revenue analysis, expenditures, capital expenditures, and cash -flow) and analysis of variances to budget and forecast.
• Lead, direct, or participate in special projects assigned by the CFO or the Executive Team which may include; inventory cost allocations and process analysis, transactional flows impacting inventory and cost of goods sold, financial forecasts and projections, investment analysis.
RESPONSIBILITIES:
• Provided financial reporting supporting operations in 16 cities with total assets of nearly SR 100M and driving
annualized revenues of over SR 150M. Prepared and analyzed monthly financial statements prior to submission to management and corporate controllers group.
• Coordinated the regional annual budgeting process for the region as well as for individual companies.
• Performed due diligence testing and valuation analysis on acquisitions.
• Coordinated and prepared information in conjunction with the annual financial audit.
CPA
CMA (Certified Management Accountant) 32872 Institute of management accountant USA
