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Zaeem Ahmad Chughtai, Chief Financial Officer CFO

Zaeem Ahmad Chughtai

Chief Financial Officer CFO·DailyMealz Gulf Company for Communications and Information Technology

Saudi Arabia

Higher diploma, BFP

Work experience

Total years of experience: 33 years, 4 months

Chief Financial Officer CFO

July 2023 - Present

DailyMealz Gulf Company for Communications and Information Technology

Riyadh, Saudi Arabia

July 2023 - Present

DailyMealz is a fintech startup company, started its operations in 2018. Reporting into the CEO and responsible for the complete financial operations of the organization.

Key areas of responsibility include; strategic financial planning, budgeting, treasury management, business partnering, compliance with the local regulations, operational reviews and suggestion for optimum operational structures and cost optimization strategies, timely reporting and detailed financial reviews and analysis to identify variances and the business opportunities, maintain good relations with investors and venture capitalists.
(Note: Worked as a freelancer from Nov 2020 to June 2023, advising and helping many clients for optimum business results in the key areas)
Company industry:
Catering, Food Service, & Restaurant
Job role:
Finance and Investment

Financial Director

February 2020 - September 2020

FedEx (SAB Express LLC)

Jeddah, Saudi Arabia

February 2020 - September 2020

The jobholder reports into the managing director, and responsible for the complete finance operations of the company based in Jeddah, Saudi Arabia. FedEx Corporation is an American multinational courier delivery services company headquartered in Memphis, Tennessee.

The principle responsibilities include;
• Form a close working relationship with the Managing Director, other Senior Executives and Non-Executives
• Provide leadership to the Board’s Finance and Accounting strategy, to optimize the company’s financial performance and strategic position.
• Take overall control of the company’s accounting function
• Contribute fully to the development of company strategy across all areas of the business, challenging assumptions and decision-making as appropriate and providing financial analysis and guidance on all activities, plans, targets and business drivers.
• Ensure that company financial systems are robust, compliant and support current activities and future growth.
• Lead and develop finance teams (around 60 staff).
• Work with senior teams to grow the business, formulating strategies and plans.
• Ensure corporate budgeting processes are carried out and reviewed.
• Take ultimate responsibility for the company cash management policies.
• Ensure that the regulatory requirements of all statutory bodies are met.
• Corporate finance: manage company policies regarding capital requirements, debt, taxation, equity, disposals and acquisitions, as appropriate.
• Establish a high level of credibility and manage strong working relationships with external parties including customers, auditors and advisors.
Company industry:
Distribution, Supply Chain & Logistics
Job role:
Accounting and Auditing

Chief Financial Officer

January 2018 - June 2019

Pepsi Cola (Seven-up Bottling Company)

Lagos, Nigeria

January 2018 - June 2019

Overseeing the company’s finance function the jobholder reported into the managing director with more than eight direct reports (and more than 180 finance staff).

The company is strategically divided into nine regions (with nine plants and over 30 lines, across Nigeria) with every region operating as a profit center (and responsible for their own P&L) having substantial market share in the respective categories of the market (Nigeria is a country of over 200 million people). Additionally, also responsible for two more units manufacturing glass, and crates & crowns.

The principal responsibilities included; strategic business planning, budgeting and forecasting, treasury management, working capital management, risks management, financial accounting and management reporting, budgets monitoring and control, business performance reviews and analysis, operational and credit controls, internal controls, internal/external audits, IFRS compliance, developing / re-structuring of key business processes and alignment of ERP, dealing with the banks, reviewing contracts, legal and tax advisors, changes in the finance structures as required and hiring and training of staff, managing the staff through effective performance management, project reviews & analysis and evaluation, board meetings and presentations, standing in as MD while he is on vacation or travelling.

(Note: worked with Al-Tayyab General Trading Co. LLC, UAE - from July 2019 to Jan 2020, on an interim role of Chief Financial Officer)
Company industry:
FMCG
Job role:
Accounting and Auditing

Chief Financial Officer

August 2015 - December 2017

Masafi Co. LLC

United Arab Emirates

August 2015 - December 2017

and Pakistan. Additionally, looking after the financial operations of three more group companies dealing in real estate and equity investments.
The jobholder reported to the chief executive officer, and responsible for the complete finance operations of the group at the head office (overseeing the other countries, companies, acquisitions etc. as well).

Additionally, the jobholder also reported to the chairman directly in terms of other group companies (Massar, Etjar, and private office). Massar is dealing in bonds and equity market trading, while Etjar is a real estate company. The key contribution towards these group companies include; review of the business processes, budgeting process, financing arrangements, external audit, and change in the accounting framework.

Key achievements included:
•Growth Strategy implementation, along with the management team.
•Actively involved in evaluating and advising on the strategic investment opportunities.
•New businesses set up in other countries, and ensuring the proper systems and controls are in place.
•Re-engineering the key business processes; including inventory management, inventory valuation methodology, depreciation rates, business calendar, chart of accounts change, authority matrix, management reporting and analysis pack (group reporting).
•Cash flow forecasting and management, and arranging loans from the banks.
•Restructuring the finance organization, hiring and training of staff.
•Strategizing and implementing transfer pricing mechanism
•Coordinating with tax, and legal advisors, and the external auditors.
•Board meetings and presentations (budget, business performance reviews, capital projects etc.
Company industry:
FMCG
Job role:
Accounting and Auditing

Financial Controller

July 2013 - July 2015

Sayga Investment Company (a DAL Group Company)

Khartoum, Sudan

July 2013 - July 2015

Sayga is Sudan’s premier food company and one of the most dynamic and successful businesses in the region with a turnover of more than US$ 1.0 billion a year and having 60% of the market share. Sayga is the leading company of DAL group contributing more than 70% of the group’s revenue (with 13 manufacturing sites including flour, pasta, animal feed, sugar, pulses, and ozone restaurants).

After successfully turning around the Coca-Cola operations, promoted as financial controller of Sayga (the biggest business operation of DAL group), with a clear objective to turnaround its finance function- through process re-engineering and systems re-alignment, reporting into the group chief financial officer, and managing a staff of more than 60 employees. Starting December 2014, my profile was expanded to include, managing the Coca-Cola, and Capo (dairy) finance operations as well (along with Sayga), with more than 180 staff reporting.

Key achievements included:
• Financial analysis pack revised and aligned to the group financial reporting requirements.
• Re-engineered the key accounting processes including; forex revaluation, inventory management, work orders handling, master data management, landed cost matrix, standard cost variances, chart of accounts change, authority matrix.
• Strategizing and implementing intercompany transfer pricing mechanism.
• Change in the finance organization structure, hiring and training of the staff.
• Changing the key accounting practices to align with the IFRS.
• Coordinating with tax, legal and corporate advisors, and external auditors
• Board meetings and presentations.
Company industry:
FMCG
Job role:
Accounting and Auditing

Finance Manager

August 2009 - July 2013

Coca-Cola Bottling (a DAL Group Company)

Khartoum, Sudan

August 2009 - July 2013

Being head of finance of the company, the jobholder reported to the general manager and under the matrix system to the group chief financial officer.

The principal responsibilities included; Budgeting and forecasting (including strategic business plans), financial management, (including, treasury management, and working capital management), ensuring the risks covered through effective insurance coverage, financial accounting and management reporting, budgets monitoring and control, business review and analysis, operational and credit controls, internal controls, internal/external audits, IFRS compliance, developing / re-structuring of key business processes, monitoring the implementation of Cognos, dealing with the banks, (reviewing the contracts, and) coordinating with the legal and tax advisors, and managing a staff of 53 persons (plant, and across more than 16 - locations) through effective performance management.

Key Achievements included;
• Partner in strategic business growth, advising and controlling the margins.
• Re-engineering key business processes including; improving budgeting process, standard cost mechanism, changing the financial products, credit terms with the key suppliers, borrowing costs savings, working capital management, proactive monitoring of the gross margins (by SKU), driving the pricing, and discount strategy, reduction of haulage fleet by 33%, authority matrix
• Cash flow management, and bank financing
• Change in the key accounting policies to align it with the IFRS
• Finance department restructuring, and regular trainings.
• Business performance reviews, and presentations to the Coke international senior management team.
• Board meeting and presentations on key capital projects, budgets, and business performance reviews.
• Stand-in as acting general manager, while GM is on vacation / travelling.
Company industry:
FMCG
Job role:
Accounting and Auditing

Country Manager

January 2007 - July 2009

TNT SAB EXPRESS

Saudi Arabia

January 2007 - July 2009

TNT is a (Netherlands based) world leading provider of express delivery services, and logistics supply chain solutions.

Promoted to the position of country manager in January 2007, and was fully responsible for the company’s activities / performance in the country (Saudi Arabia).

Devised, and implemented the strategies in all the key areas of business (sales, commercial, operations, customer services, human resources, and finance) thereby effectively improving the company results on a sustainable basis. Successfully managing a work force of more than 350 employees

Key achievements included;
•Revenue growth of more than 26% during 2007, and more than 40% during 2008, thereby exceeding the revenue, and profitability targets
•Optimization of the costs and capital/resources of the company (through successful process re-structuring, and controls), while maintaining more than the market growth
•Accreditation of ISO 9001, ISO 14001, OHSAS 18001, SA8000, and IiP (investor in people), and TAPA security
•Strategizing and improving the 3rd party logistics arrangements (processes and controls), and the winning of contract for the new location/city of the 3rd party, and successful negotiation of the price increase with 3rd party logistics
•Improved/revised tariff structure to position ourselves to better serve the customers while remaining competitive in the market
•Successfully negotiated, and signed a strategic deal with a leading retail chain store “Lingo” to widen the coverage of our products in the Saudi market through a win-win relationship
•Managing the staff through effective performance management.
Company industry:
Distribution, Supply Chain & Logistics
Job role:
Management

National Finance and Administration Manager

January 2006 - December 2006

TNT SAB Express

Jeddah, Saudi Arabia

January 2006 - December 2006

Being head of finance of the company (based in Jeddah, Saudi Arabia), the jobholder reported to the country general manager and under the matrix system to the Dubai based regional finance director.

The principal responsibilities included; financial modeling and strategic business plans, annual business plans and rolling forecasts, financial management, financial accounting and management reporting, budgets monitoring and control, business review and analysis, operational and credit controls, internal controls, internal/external audits, IFRS and SOX compliance, developing / re-structuring of key processes, monitoring the implementation of SAP, dealing with the “Department of Zakat and Income Tax (DZIT)”, coordination with legal, corporate, and tax advisors, overseeing the local purchases, and general services/administration function, and managing a staff of 35 persons through effective performance management.

Key Achievements included;
• Re-structuring the customs duty process (from payments to customs through to collections from customers), thereby eliminating the leakages, and reducing the write offs to zero
• Optimization of the “credit control process” thereby improving the collections (thus reducing the bad debts incidence).
• Timely submission of the 5 years strategic business plan, which formed the basis of “Saudi Growth Strategy”
• SAP Implementation
Company industry:
Distribution, Supply Chain & Logistics
Job role:
Accounting and Auditing

Financial Controller

September 2000 - December 2005

THE COCA-COLA BOTTLING COMPANY OF

Saudi Arabia

September 2000 - December 2005

Being head of finance (western region), the jobholder reported to the regional manager, and under the matrix system to the finance manager. The company is operating through the strategically divided five regions with the western region being the biggest of them, contributing more than 32% of the business. Initially, started as financial controller (eastern region), and after two years was promoted to the biggest (western) region.

The principal responsibilities included; annual business plans, including rolling forecasts, operational and credit controls, internal controls, internal/external audits, developing the systems and processes, financial accounting and management reporting, business review and analysis, IT environment (AS400, Lotus Notes, MSWord, Excel, Power Point), and managing a staff of 26 persons (across 7 - locations), through effective performance evaluation.

Key Achievements included;
•Strategically devising an “effective monitoring, and control process / mechanism” for the marketing expenses of the company, thereby yielding better results in terms of profitability
•Optimization of vehicles’ fuel consumption process, and controls
•Business partnering, by driving the business as active finance member of the management team, and effectively contribute in achieving the business results
•Regular business performance reviews, and analysis - thereby evaluating business risks and opportunities, and help in taking prudent and financially sound decisions.
•Ensuring business monitoring through effective operational, credit, and financial controls
•Monitoring and development of finance team through SMART objectives, and trainings.
Company industry:
FMCG
Job role:
Accounting and Auditing

General Manager

April 1998 - August 1999

NIMIR INDUSTRIAL CHEMICALS LIMITED

Pakistan

April 1998 - August 1999

Being head of finance of two (group) companies, the jobholder reported to the chief executive officer, and under the matrix system to the London based finance director. The companies were involved in the power generation, and manufacturing and trading of industrial chemicals. Being group companies of Nimir Petroleum Limited - Jeddah, both of these companies were listed on the Lahore, and Karachi stock exchanges.

Key Achievements included;
•Devising, and implementing a “working capital management - model” for the optimum utilization of the available resources
•Effective negotiation of borrowing facilities with banks, and timely disbursement of funds
•Successfully handling / dealing with 20 financial institutions
•SBT Implementation
Company industry:
Industrial Production
Job role:
Management

Senior Manager Finance

October 1994 - March 1998

BOEHRINGER MANNHEIM PAKISTAN (PVT) LTD

Pakistan

October 1994 - March 1998

Being head of finance, the jobholder reported to the country manager, and under the matrix system to the Singapore based finance director. The company, being 100% owned subsidiary of Corange International Holdings BV, Netherlands, originally a German company, involved in diagnostics, and pharmaceuticals business.
Key Achievements included;
•Setting-up (from the start-up phase) of the company, and the development and implementation of all financial, and procurement systems, and procedures, and the training of staff. Specifically, systems were set up for cash flow, and inventory management.
•A complete zero-based budgeting exercise was undertaken and the approved budget formed part of complete cost control, and monitoring system.
•Getting approvals from the state bank of Pakistan for overseas lending
•Dealing with health authorities of Pakistan, and getting of “drugs license”
Company industry:
Pharmaceutical Manufacturing
Job role:
Management

Finance Manager

November 1992 - September 1994

DELTA INDUSTRIES (PRIVATE) LIMITED

November 1992 - September 1994

Being head of finance of two (group) companies, the jobholder reported to the general manager operations and under the matrix system to the (group) general manager finance. The companies were involved in the manufacturing and trading of industrial chemicals.
Job role:
Finance and Investment

Audit Associate

June 1988 - June 1992

HAROON-UR-RASHID & CO., CHARTERED ACCOUNTANTS

Lahore, Pakistan

June 1988 - June 1992

Conducted audits of various public and private limited companies including; banks, insurance companies, textile companies, paper and board mills, cooperative societies etc.
Company industry:
Accounting
Job role:
Accounting and Auditing

Education

ICAEW

October 2019

October 2019

Higher diploma, BFP

United Kingdom

ICAEW

April 2019

April 2019

Higher diploma, ACA

United Kingdom

ICMA

September 2003

September 2003

Higher diploma, CMA

United States

ICAP

October 1992

October 1992

Higher diploma, FCA

Pakistan

ICMAP

May 1990

May 1990

Higher diploma, FCMA

Pakistan

Government College

January 1986

January 1986

Bachelor's degree, Statistics, Economics, Maths

Pakistan

GPA (rating): Very good

GPA (rating): Very good

Skills

Mergers
Expert
Mergers
Expert
Risk Management
Expert
Risk Management
Expert
Working Capital Management
Expert
Working Capital Management
Expert
Business Process ReEngineering
Expert
Business Process ReEngineering
Expert
Financial Management
Expert
Financial Management
Expert
BUDGETING
Expert
BUDGETING
Expert
CASH FLOW
Expert
CASH FLOW
Expert
CREDIT
Expert
CREDIT
Expert
FINANCE
Expert
FINANCE
Expert
FINANCIAL
Expert
FINANCIAL
Expert
FORECASTING
Expert
FORECASTING
Expert
GENERAL MANAGEMENT
Expert
GENERAL MANAGEMENT
Expert
INSURANCE
Expert
INSURANCE
Expert
INVENTORY MANAGEMENT
Expert
INVENTORY MANAGEMENT
Expert
MANAGEMENT
Expert
MANAGEMENT
Expert
Mergers
Expert
Mergers
Expert
Risk Management
Expert
Risk Management
Expert
Working Capital Management
Expert
Working Capital Management
Expert
Business Process ReEngineering
Expert
Business Process ReEngineering
Expert
Financial Management
Expert
Financial Management
Expert

Languages

Arabic

Beginner

English

Expert

Urdu

Native Speaker