Group Finance Manager
Fathima Group
Total years of experience :13 years, 1 Months
• Fathima Group was established in 1973 in Abu Dhabi, UAE and currently have 4 main verticals such as Retail (Hypermarket, Supermarket and Fashion Outlets “ADITYA BIRLA’S Brands - Louis Philippe, Allen Solly, Peter England and People”), FMCG (Flour, Dry, Frozen, Fresh) Catering / Restaurants (Industrial, Institutional, Retail) and Etisalat Distribution.
• Being Group Finance Manager successfully managing the overall Accounting, Reporting, Performance Review, Banking, Treasury, Financial Planning and Insurance for the operations in UAE, Oman and KSA which are generating AED 1.5 billion turnover per annum.
• Effectively managing 8 direct reporting (Chartered Accountants), 40 indirect reporting (Senior Accountants and Accountants), and ensures
o accurate accounting, timely closure of books monthly and yearly basis
o availability of defined Job Profile, Segregation of Duties, Staff Rotation, Staff Appraisal and their Succession Plan in line with predefined budget and saved 20% finance staff cost.
• Ensures timely and accurate reporting of various MISs at strategic level as well as at operational level to make timely decision and to turnaround the business in terms of sales achievement, margin management and cost optimization.
o Monthly MIS Pack such as Profit and Loss Account, Balance Sheet, Cash Flow, Receivables and Inventory Ageing
o Variance Analysis with Budget and Previous Year Performance and Trend Analysis
o Forecasting and Estimation with assumptions and recommendations
o Feasibility Studies for new stores with Sensitivity Analysis and Market research data
o Turnaround Strategy with Financial Analysis especially for loss making stores with various initiatives
o 5 Supermarkets, Catering Division and Frozen Divisions are turnaround during this tenure.
• Drives the Annual Budget exercise along with re-engineering process to optimize the overhead expenses and to improve controls in coordination with Business Heads.
• Supervise implementation of Business Plan, Strategies and Insurance renewal and achieved the following,
o Successfully opened 3 profitable stores
o Slashed insurance costs 25% by negotiating premium, while ensuring the continuation and enhancements of services.
• Effectively managed the Group Cash Flow and accomplished fund requirements
o At reduced rate and ensures availability of the same throughout the year without any interruption to the business
o Renewed facilities at lower cost and margin with enhanced terms
o AED 200 Million facilities were arranged with 3 months LIBOR+ 3% during the tenure.
• Ensures effective internal and external compliances such as
o Monthly Review of Balance Sheet Schedules such as Bank, Supplier and intercompany Reconciliations
o Implementation of Internal Control, Policies and Standard Operational Procedures
o Safeguarding company assets by ensuring availability of adequate insurance coverage
o Compliance with IASs and IFRSs
o Strictly meeting Bank covenants including the usage of funds and ratios
o Timely responses to Bank queries and other Stakeholders queries
o Filing of VAT returns timely and accurately with Federal Tax Authority
• Slashed project cost by 10%
o through implementation of standard project cost comparison and proper negotiation process
o validating and ensuring no delays in critical project activities and strict with project calendar.
• Successfully execute the Statutory Audit by appointing external auditor and ensures timely completion of audit.
• Ensures all the Stakeholders requirements are met timely such as Banks, Internal and External Auditors, Suppliers, Customers, Board of Directors and Shareholders.
• Group Finance Manager for UAE and Qatar operations which were generating revenue of AED 200 million and reporting to Group CFO.
• Monitoring Accounts Team and Inventory Controller (10 members) and ensuring the timely closure of monthly and yearly accounts and reporting the MISs to GCFO and Managing Director
• Preparing and analyzing Profit and Loss account, Balance Sheet, Sales Variance and Expense Variance against the budget and presenting to GCFO and Managing Director monthly with recommendations to minimize the variances and thereby to improve the overall performance.
• Ensuring the pricing, verifying the margin realized in line with the target and guidelines and also approving discounts for special orders and repetitive orders.
• Submitting 5 year forecasted financial statements (P&L, B/S and Cash flow statement) to bank to support the term loans and facilities.
• Preparing capital budget for new showrooms and evaluating project vendor selection in terms of pricing, quality of works and timely delivery in coordination with GCFO and MD’s guidelines, and presenting the dashboard to Board along with GCFO.
• Discussing sell through and inventory level with Inventory Controller, Operational Manager, and recommending the Clearance Plan to GCFO and MD.
• Evaluating the stage of work completion related to ongoing projects and recommending for payment after validating the documents in line with contract and project reports
• Ensuring Internal Systems and Controls, IASs and IFRSs are followed across Operation and Accounts and thereby Company assets are safeguarded.
• Handling external audit for the group of companies from beginning to until signed off of audited financials by Managing Director.
Deputy Finance Manager (Business Finance- Splash and Max Concept -Jul 13 to Jun 14)
• Assigned as the Business Finance Manager/ Analyst for the Splash and Max concept in Jeddah region which were generating turnover of USD 350 Millions
• Supported the business growth through analyzing financial and non financial data and providing various reports
• Worked closely with Business Heads and helped to make better decisions
- In terms of sales promotion, markdowns for each department/ seasonal stocks and ensured that margin is within the budget levels and are in line with corporate guidelines
-In terms of allocation of expenses and capital spending by analyzing the variances with relevant reasons as controllable and non controllable
-In terms of sell thru percentage and buying budget
• Prepared various MIS reports in detail with one to one discussion with Business Head, DGM Finance, GM and COO
-Feasibility reports and Break-Even Analysis for new business units
-Annual Financial Budget
-5 years’ business plan
-Adjusted Budget for unplanned activities
-Forecasted Profit and Loss account
• Reviewed performance of new and existing stores and submitted variance with remarks and with action plan as applicable
• Reviewed Inventory holding, ageing and buying budget and suggested for improvements
• Analyzed Staff utilization and Cost reduction plan with Budget comparison
• Implemented internal control and systems for smooth and safe operation
• Visited Splash and Max showrooms with Business head and validated financial controls and systems without effecting operational performance of the showrooms.
Deputy Finance Manager (Splash, Baby shop, Shoe mart, Life style, Home centre, Max and Landmark Brands -Jul 12 to Jun 13)
• Played a vital role in Accounts and Finance and responsible for companies (Baby shop, Splash, Shoe mart, Lifestyle, Home centre, Max, Shoe express, Iconic and LMI Brands) operating in western region of Saudi Arabia which were generating turnover of USD 850 Million
• Ensured all reporting such daily (DSR), weekly (WSR), monthly (MIS Pack), quarterly and bi annual forecasting, Financial Budget, Business Plan and feasibility reports are properly prepared and reported on time.
• Carried out:
-Verification of Profit and Loss account, Balance Sheet schedules prepared by the Chief / Senior Accountants
-Various meeting within and outside the department to ensure all controls are in place
• Efficiently involved in:
-Company project works such as project evaluation and comparison of vendor selection, etc.
-Evaluating financial impact of new business units or new stores
-Reviewing daily sales achievement, margin realized and overhead variance analysis.
-Reviewing the aging stock and discussing with Business head on suitable action plan
• Played a stellar role in ensuring:
-Maximum utilization of sales cash and credit card realization
-Effective forecast of sales and profit quarterly and bi-annual
• Followed up with cash collections and fund management daily and weekly basis
• Directly handled External and Internal Audit for the group (Western Region)
• Prepared Financial Budget for Splash, Baby shop, Shoe mart and Shoe express concepts.
Manager Accounts (Centre point and Home centre-Jul 10 to Jun 12)
• Functioned as Head of Accounts and General ledger team in which responsible for Centre point and Home Centre stores operating in western region of Saudi Arabia which were generating turnover of USD 600 Million
• Monitored the accounts team and ensured that day to day accounting operations were effective and conducted within the agreed frame work and organized the tasks within department and inter department towards the monthly closure of books of accounts as per time schedule.