Chief operation officer
DDC Group of Companies
Total years of experience :26 years, 11 Months
Professionally qualified Group CFO, with more than twenty two years of experience in finance management, managerial accounting and auditing. Knowledge in diverse industries and proven ability to improve operations, impact business growth and maximize profits and good experience in financial visibility studies, finance & administration systems, Due Diligence. Adept at working in high pressure environments with strict deadlines & multiple deliverables to implement best practices that consistently deliver outstanding results. Proven skills in enhancing overall administration.
ACHIEVEMENTS :
• Actively participated in developing and executing the Business Strategies to the executive board in achieving Organization Objectives and Strategic Decisions.
• Financial Management of ( US $ 500 Million ) group of companies across UAE, Oman, KSA, Qatar & Japan
• Restructuring of loans of USD 150 Million over a period of 10 years with a moratorium period of 1 year and arranged facilities over USD 200 million.
• Evaluation of new projects, capital expenditure proposals and recommend for approvals.
• Organized & Supported from a Financial Perspective for International and UAE Level Strategic Conferences and Research.
• I have exceeded more than 250% of Budgeted Interest income / Forex income by effective Fund Management for the last 3 consecutive years (in millions).
• Major Contribution towards establishing Government contracts with Local & International Corporate.
• Turned Out Finance Dept from Overhead to Profit Center
• Created & Implemented a Strategy Plan by reducing 2% of Overhead Expenses which resulted increase by 20% to the Bottom-line
• Successfully implemented various financial S/w Oracle/ERP in the organization.
• Leverages resources and delegates effectively
Group Finance Director - Al Wasit Group of Companies - UAE
AL WASIT Group of companies established in 1985 in the UAE, one of the largest and most reputable privately owned Groups, is a multi faceted organization that offers an extensive range of construction equipment and related services in the UAE and the neighboring countries.
Sector groups: Heavy equipment Agents of Hyundai, Sumitomo, Zoom Lion, GHEL etc. Road & Bridges Construction, Real Estate, Logistics, Nationwide Repairs & Maintenance Business, Super Markets, Mall & Other Investments.
Responsibilities:
1. With Chairman's support, key driver of culture & organization change to transform the Group from owner centric to Corporatized Family Group organized around separate sectors each with clear roles, strategies and targets contributing to overall Group Goals.
Overall Goals: Sustained shareholder value growth; risk management; separation of management from ownership
2. Above included: mixing "old blood with new blood" (hired entire management teams - 1st and 2nd levels); process revamp; legal, capital structure, financing scope upgrade; corporate governance; establishing Planning; Budgeting & Regular Business Review disciplines; restructuring Finance departments Group wide to become "right hands" to respective Unit GMs
3. As Chairman's "right hand", helped individual Sectors to profitably meet business opportunities with focus on converting top line expansion into sustainable shareholder value growth
4. Redesigned Capital structure; Financing in better terms and conditions as well as coverage
Banking & Treasury
• Developed strong relationship with financial institutions and arranged facilities for AED 600 million to support capital expenditure & working capital needs of the group of companies.
• Managed business risks in areas covering exchange, hedging, interest rates, letter of credit/ guarantees & insurance. Effective management of working capital within the Group.
Accounting & Financial Operation
• Manage all group companies accounting departments.
• Continuous review, standardization of systems, policies, procedures & controls, across the group.
To oversee treasury, accounting, budget and audit activities, financial and accounting system controls and standards to ensure timely financial and statistical reports for management / Board review. Liaise with GHQ, Ministry of Finance & SAB. Involved as Govt. consultant for Finance & Administration in helping other institutions in preparing and developing their bylaws, Policies, Procedures & chart of accounts specially at the initial stage as per the UAE Federal Government Standards.
Key Functions:
• Manage and review monthly, quarterly and annual financial reporting in accordance with regulations
• Lead and develop Corporate Accounting Office
• Advise CEO and Board in all commercial aspects and activities
• Established and document accounting policies
• As necessary, assist with audits of the Company's financial statements by Internal Audit and external auditors - SAB. (State Audit Bureau)
• Prepare / review annual budgets and interim forecast.
• Providing management oversight of the following functional areas: accounting, payroll, purchasing, revenue cycle, internal audit, information systems and facilities management / engineering
• Development and continuous improvement of key financial, operational and commercial internal control processes.
• Financing projects, monitoring investments - Reviews projects progress reports to analyze achievements compared to budgeted figures & expenses.
• Assist in the due diligence process for acquisitions and take a leading role in acquisition integration.
• Directing the overall financial plans and accounting practices of our organization.
• Active contribution in strategic business planning
• A Member of the recruitment committee, in evaluating Finance Directors and administration staff for many Government Entities and Ministries.
• Supervise controller and other key accounting and administrative personnel.
Responsible for the overall integrity of Financial Accounting, Corporate planning and Reporting
Position Summary:
Ultimate responsible for all aspects of the accounting process, including budgeting, reporting, cash forecasting and supervision of accounting staff, as it relates to the development and management of commercial projects.
Key Functions:
•Worked together with the Corporate Group COO & CFO, plan and implement financing, legal and business organizational strategies to ensure the Auto Group’s growth is financed and structured in an optimal fashion
• Support the Management Team to drive cultural change throughout as required to execute agreed upon business strategy
• Develop/ evolve strategic plans for the Auto Group’s financial organization
• Drive the Budgeting & Balanced Scorecard processes with the business units. Ensure that these processes are used as key tools and progress measuring barometers to support business performance.
• Timely and meaningful monthly, quarterly, annual financial reporting in the level of detail required by each internal and external user group. Driving to ensure once taken, key decisions/ actions are executed
• Support the decision-making process by providing meaningful ad hoc analysis and by providing financial perspective on all commercial decisions
• Identify financial and business risk areas and leading actions to mitigate these risks. Focus areas include but not be limited to:
Driving internal control standards, procedures, practices consistent with business needs as required by the business and by other interested parties (management; government; internal & external auditors)
Motors specific financial and accounting guidelines as required (including Credit, Cost Management, Transfer Cost, CAPEX, Accounting, Risk Ensuring significant foreign exchange exposures are properly hedged
• Review monthly financial statements to ensure that transactions are in compliance with financial accounting and sponsorship agreements.
• Assist with preparation of annual budget for the division wise sales, expenses, etc. & analysis of variance based on actual results.
• Coordinate annual financial statement audits and tax returns.
• Supervise and provide on-going training and development of accounting staff.
• Assist with the on-going design, development and documentation of department procedures and reporting.
• Responsible for Administrative Accounting and Reporting
• Division wise monthly profit & loss account and balance sheet
• Prepare annual operating budget
• Prepare monthly financial statements, including budget variance, budget reforecast and pre-development updates, for upper management
• Inventory management
• Project profitability statements and evaluation & analysis of the same on the periodic basis.
• Periodic reporting on sponsorship income.
• Reviewing the monthly stock variation report and reporting to the management after taking the necessary actions.
• Any other information as required by the management from time to time
• Approve invoices and monthly revenue billings and oversee day-to-day administration accounting.
• Cash flow forecasting
• Assist with credit reviews of prospective clients
• Scrutinizing the various ledger and subsidiary records maintained by the accountants.
• Responsible for various audit requirement and preparation of various schedules required for audit purpose.
• In-charge of stores and providing guidance to the staffs.
• Submission of tender & preparation and evaluation of prices. Tenders prepared for major clients such as Petroleum Development of Oman, Liquid & Natural Gas, Ministry of Defense, Shell, etc.
• Evaluating several procedures and installation proper accounting system in the stores, which has been approved by ISO 9002 Auditors - Q A International Certification (Middle East) LLC.
