CFO
RAK Ceramics
مجموع سنوات الخبرة :17 years, 6 أشهر
Notable Accomplishments:
• Developed and put to execution business plan to turnaround RAK Ceramic’s Saudi Operation performance, by setting new Pricing strategy, costumer incentive and Employee incentive programs Supply chain and HR plans. Results Started Showing in Q3 2019.
• Successfully implemented SAP in KSA
• Directed the Financial Due Diligence acquisition of one of the Saudi Entities that was finally acquired in July 2018.
• Participated in the Executive committee charter and authority matrix setup.
• Developed new Financial / Operational KPIs in alignment with past data and established performance metrics for the business which proved to be of immense value in assessing current performance and highlighting areas that required attention.
• Headed the conversion of the companies Financials from Saudi GAAP to IFRS.
• Setting minimum Stock on Hand levels and reordering points based on production cycles and sales expectations aiming to reduce idle inventory and increase returns on Inventory investments.
Key Responsibilities:
• Preparing monthly, quarterly and annual reports consisting of income statements, balance sheets, Business performance reports.
• Preparing Financial Valuations and Analysis for potential investments.
• Heading process re-designing activities and Cost Cutting initiatives with the intent of strengthening the control structure of the organization to benefit from economies of scope and scale.
• Maintain Bank, and Auditor Relations.
• Implement, negotiate and control costumer credit limits, payment terms and required guaranteed.
• Review and Approve supplier payments.
• Review and Approve sales agreements.
• Monitor Inventory levels and approve Purchase orders.
Company Profile:
SACO is a well-established / growing retail giant in KSA and the sole distributor of ACE hardware in the
Kingdom. It has 27 branches spread across all major cities, stores ranging between 2, 500 sq. meters and
24, 000 sq. meters, 45, 000+ SKUs and 5% market shares of the Hardware and Home Improvement Saudi
Retail Market.
In May 2015 SACO was listed on The Saudi stock Exchange market - Ticker number 4008
Notable Accomplishments:
• Played an influential role in the successful implementation of SAP ERP at SACO; key contributions included:
a) Spearheaded the Finance / Controlling team (FICO) and controlled the Business Object (BO) Reporting tool.
b) Active member of the HR and Outbound / Inbound teams; advised in designing, blueprinting and scenario
identification for multiple processes.
• Enabled SACO get listed on the Saudi Capital Market under the “Ace Project” initiative through accurate /
flawless preparation of Financial / Legal Due Diligence, 5-Year Business Plan covering Optimistic, Expected and
Pessimistic Scenarios, Financial Valuation and the Final Prospectus.
• Liaised with Ernst & Young (EY) and made valuable contributions in the design / issuance of SACO’s authority
matrix and Corporate Governance Policy which enhanced the efficiency and effectiveness of accounting
operations.
• Developed new Financial / Operational KPIs in alignment with past data and established performance metrics
for retailing (Inventory / Sq. meter, Sales / Store Employee, Return on Inventory Investment and operating
leverage) which proved to be of immense value in assessing current performance and highlighting areas that
required attention.
• Converted In-house Reports from MS Excel to SAP Business Object and issued the Manual covering financial
policies / Procedures post SAP implementation.
• Headed the conversion of the companies Financials from Saudi GAAP to IFRS
• Headed the VAT implementation and application across the company.
• Recommended and Implemented new Incentive mechanism to reward employees based on achievements
against targets and KPI’s each in his line of business.
• Actively contributed to the Strategy seminars that was aiming to set Saco’s Strategic guidelines and Vision.
• Actively contributed to the success of Saco’s first acquisition of a logistics and transportation company.
Key Responsibilities:
• Preparing monthly, quarterly and annual reports consisting of income statements, balance sheets, Business
performance reports.
• Preparing Financial Valuations and Analysis for potential investments.
• Managing the Integration and consolidation between SACO and its subsidiaries.
• Setting new business plans for the newly acquired companies and present it to management for approval.
• Actively engaged in business process re-designing activities and Cost Cutting initiatives with the intent of
strengthening the control structure of the organization to benefit from economies of scope and scale.
• Providing requisite information to external auditors (PWC), addressing their concerns to the level of their
satisfaction and implementing their recommendations to enhance the overall efficiency and effectiveness of
accounting operations.
• Maintaining cordial work relations with banks and financial institutions for the assured realization of low-cost
and adequate funding as well as seamless flow of accounting operations.
• Meeting with investors and other stakeholders at regular intervals; answering their queries regarding SACO’s
financial / operational performance and sharing future expansion plans.
Company Profile:
Issa Holding is a leading regional conglomerate which owns and operates 24 subsidiaries across Lebanon KSA, UAE, Qatar, Algeria, Oman, Iraq, Kuwait and Jordan.
Core Products:
Real Estate Development, Manufacturing, Services and Sub-Contracting.
Key Responsibilities:
• Critically evaluated financial reports of all subsidiaries and shared valuable insights with executive management to steer the growth / profitability of the company.
• Collaborated with relevant personnel across all subsidiaries and prepared the annual budget (in sync with the strategic / financial objectives of executive management).
• Compared actual figures for revenues and expenses with budgeted figures and highlighted key areas of concern for management review.
• Tracked movement of cash inflows / outflows and maintained a certain minimum level of liquidity for CAPEX / OPEX based expenses.
• Hedged financial risks through investments in derivatives and lined up economical / reliable sources of funding for new projects.
• Prepared financial / operational feasibilities of new projects; leveraged capital budgeting tools (NPV, IRR and Payback) and recommended those projects to executive management that enhanced shareholder value.
• Facilitated external auditors in parallel / independent financial audit assignments in Lebanon, KSA, Qatar and UAE by collecting / providing requisite information from relevant personnel; addressed their concerns to the level of their satisfaction.
• Conducted function wise (inventory, accounts payables / receivables, fixed assets and cash) internal audits as per the audit cycles; identified shortfalls and implemented actions plans that made the processes more robust.
• Undertook several Cost Reduction and Efficiency Improvement (CREI) initiatives that identified unnecessary expenses and bottlenecks in processes and enhanced the bottom-line of the company.
• Walked through all Tax declaration reports (Income Tax, Zakat, Salary Tax, and VAT) and Lebanese NSSF declaration; made necessary amendments prior to granting approval.
Other Relevant Experience:
Oct. 06 - Oct. 09: Senior Financial Accountant, FFA Private Bank
Apr. 04 - Sep. 06: Accountant / Auditor, Elie RIZKALLAH / Osmat Mallah Audit / Accounting Bureau
1- Maintain our accounts with banks and financial institutions in Lebanon and abroad up to date and handle any problems with our contacts in these institutions and prepare end of month reconciliations.
2- End of month closing statements (balance sheet, P&L statements).
3- Prepare tax payments (V.A.T., Revenue taxes, 5% tax on credit interest.)
4- Payroll, CNSS, mark to market, SRD accounts, exchange position, off balance sheet accounts, DVP and RVP accounts)
5- Prepare BDL & BCC reports (RO-10, 3-A, exchange position report, BSE transaction report, portfolio report, liquidity ratio)
6- Daily control on all operations Buy & Sell done by our clients specially transactions made on future contracts, US market, European market, gulf region markets and BSE
BA in Finance