- Up To $195k USD + bonus
- Leading petrochemical company
- Open to Arabic speakers/ Westerners/ Any nationality with KSA or GCC experience
Our
client is a leading Middle East petrochemical company. Based in Damman
(close to Bahrain) we are looking for an experienced CFO to head their
Finance division.
Experience
within Oil & Gas, Petrochemical or Manufacturing is preferred.
Experience within construction, real estate and other professional
industries will also be considered.
A very strong organisation to work for and an exciting senior opportunity.
OVERVIEW OF THE ROLE:
Overall responsibility of Directing and overseeing Finance and Accounting functions of the company, notably the following:
•
Plans
and manages all of the financial and accounting activities of the
company, covering financial, general, cost, sales and management
accounting.
Establishes and ensures the application of sound financial policies and
procedures in all financial transactions. This includes directing the
preparation and
monitoring and revision of capital and operating budgets, maintenance
of the Company's chart of accounts and control of general and financial
ledgers and accounts.
Plans
and manages all of the financial and accounting activities of the
company, covering financial, general, cost, sales and management
accounting.
Establishes and ensures the application of sound financial policies and
procedures in all financial transactions. This includes directing the
preparation and
monitoring and revision of capital and operating budgets, maintenance
of the Company's chart of accounts and control of general and financial
ledgers and accounts.
•Manages
the development and maintenance of modern and business supporting
accounting policies and procedures, which are consistent with sound
financial practices and professional standards prevailing
in the industry, and the requirements of the joint venture partners.
Manages
the development and maintenance of modern and business supporting
accounting policies and procedures, which are consistent with sound
financial practices and professional standards prevailing
in the industry, and the requirements of the joint venture partners.
•Ensures
the provision of adequate insurance coverage of all Company assets and
reviews asset valuation to ensure its reliability.
Ensures
the provision of adequate insurance coverage of all Company assets and
reviews asset valuation to ensure its reliability.
•Meeting reporting requirements of Joint Venture partners.
Meeting reporting requirements of Joint Venture partners.
•Submission of Business Plan as and when required.
Submission of Business Plan as and when required.
KEY DUTIES & RESPONSIBILITIES:
1.Manages
the activities of assigned personnel in the Finance Department of the
company. Performs supervisory duties and exercises financial authority
at the level established by management for the position.
Manages
the activities of assigned personnel in the Finance Department of the
company. Performs supervisory duties and exercises financial authority
at the level established by management for the position.
2.Plans
and coordinates the preparation of the annual budget and business plan
for the company. Includes controlling and participating in providing
information to individual departments, attending explanatory meetings
with managers, preparing budget for the approval of the company Board
of
Managers, making presentations to explain changes, modifying budget
data as necessary. Prepare adhoc reports required by the President and
Board members.
Plans
and coordinates the preparation of the annual budget and business plan
for the company. Includes controlling and participating in providing
information to individual departments, attending explanatory meetings
with managers, preparing budget for the approval of the company Board
of
Managers, making presentations to explain changes, modifying budget
data as necessary. Prepare adhoc reports required by the President and
Board members.
3.Manages
and guides the preparation of cash flow projections, bank accounts
reconciliations, to ensure sound financial decisions related to loan
repayments, company expenditures and capital investment.
Manages
and guides the preparation of cash flow projections, bank accounts
reconciliations, to ensure sound financial decisions related to loan
repayments, company expenditures and capital investment.
4.Controls
and coordinates the preparation of strategic plans and ensures
availability of financial resources to meet the Company's long term
commitments.
Arrange for / negotiate banking facilities and control thereon with
particular reference to covenants, compliance, documentation and
correlating
requirements with investment of surplus funds. Ensures the
provision of operating cash by preparing adequate forecasts of cash
requirements in advance and reviews same to ensure their accuracy and relevance and that payments are made correctly and promptly.
Controls
and coordinates the preparation of strategic plans and ensures
availability of financial resources to meet the Company's long term
commitments.
Arrange for / negotiate banking facilities and control thereon with
particular reference to covenants, compliance, documentation and
correlating
requirements with investment of surplus funds. Ensures the
provision of operating cash by preparing adequate forecasts of cash
requirements in advance and reviews same to ensure their accuracy and relevance and that payments are made correctly and promptly.
5.Arranges
for the placement of funds in local or foreign currencies with banks at
the best prevailing interest rates, including negotiating deals with
different
banks. Places orders with banks for selling or buying
local and foreign currencies, taking into consideration fluctuations in
exchange rates and the needs of the Company for local and foreign currencies for a certain projected period of time.
Arranges
for the placement of funds in local or foreign currencies with banks at
the best prevailing interest rates, including negotiating deals with
different
banks. Places orders with banks for selling or buying
local and foreign currencies, taking into consideration fluctuations in
exchange rates and the needs of the Company for local and foreign currencies for a certain projected period of time.
6.Monitors
payroll activity. This Includes spot-checking to ensure accuracy of the
payroll register, reviewing the preparation of vacation and termination
settlements and approving travel payment vouchers for
employees going on leave or leaving the Company. Checks the preparation
of the monthly payroll vouchers and approves their
posting to ledger accounts, detailing the breakdown into salary
components, department totals, and ensures the proper
reconciliation of ledgers.
Monitors
payroll activity. This Includes spot-checking to ensure accuracy of the
payroll register, reviewing the preparation of vacation and termination
settlements and approving travel payment vouchers for
employees going on leave or leaving the Company. Checks the preparation
of the monthly payroll vouchers and approves their
posting to ledger accounts, detailing the breakdown into salary
components, department totals, and ensures the proper
reconciliation of ledgers.
7.Ensures
budget control reports are prepared accurately and on time, reviewing
such reports, carrying out periodic spot-checks on the accuracy of data
and approving prior to submission to The President and
department managers
Ensures
budget control reports are prepared accurately and on time, reviewing
such reports, carrying out periodic spot-checks on the accuracy of data
and approving prior to submission to The President and
department managers
8.Directs
and participates in product pricing for sales in accordance with
established pricing procedures and sound economic principles. Includes
reviewing potential customers’ requirements, in terms
of quantity and grade of production, and duration of supply contract.
Participates in contract negotiation with potential
customers as requested.
Directs
and participates in product pricing for sales in accordance with
established pricing procedures and sound economic principles. Includes
reviewing potential customers’ requirements, in terms
of quantity and grade of production, and duration of supply contract.
Participates in contract negotiation with potential
customers as requested.
9.Controls the reconciliation and closure of accounts. Reviews and approves documentation for cash and bank payments.
Controls the reconciliation and closure of accounts. Reviews and approves documentation for cash and bank payments.
10.
Manages and participates in the development, and oversees the
implementation of the accounting and financial policies, procedures and
reporting system of the Company, in accordance with
Company policies and sound accounting standards and principles ( SOCPA
& IFRS). Provides The President and the joint
venture partners with a steady flow of pertinent information required to
maintain the Company in a sound financial position.
11.Directs
the preparation of periodic physical and cost performance reports to
The President. This includes analyzing and highlighting variances
against budgeted plans, providing comments on
causes and recommending corrective actions. Reviews existing policies,
procedures and practices and prepares appropriate
recommendations for management approval.
Directs
the preparation of periodic physical and cost performance reports to
The President. This includes analyzing and highlighting variances
against budgeted plans, providing comments on
causes and recommending corrective actions. Reviews existing policies,
procedures and practices and prepares appropriate
recommendations for management approval.
12.Directs
and participates in the preparation and submission of management
accounts and annual financial reports such as balance sheet, income
statement, production cost statement, cash flow and sales
reports.
Directs
and participates in the preparation and submission of management
accounts and annual financial reports such as balance sheet, income
statement, production cost statement, cash flow and sales
reports.
13.Ensures
that all financial and accounting activities of the Company are
reviewed periodically and that they conform to established policies and
procedures. Reviews audit reports
prepared by Company's internal auditors and external auditors in order
to answer queries. Implements where feasible approved
audit recommendations within the company.
Ensures
that all financial and accounting activities of the Company are
reviewed periodically and that they conform to established policies and
procedures. Reviews audit reports
prepared by Company's internal auditors and external auditors in order
to answer queries. Implements where feasible approved
audit recommendations within the company.
14. Manage
all insurance activities to ensure that all of the Company’s assets and
liabilities are covered. Negotiates premiums and coverage to provide
the maximum value to the Company.
Manage
all insurance activities to ensure that all of the Company’s assets and
liabilities are covered. Negotiates premiums and coverage to provide
the maximum value to the Company.
15.Participate
/ advise in reviewing commercial agreements. Maintain contacts with and
coordinate with Lawyers for commercial matters.
Participate
/ advise in reviewing commercial agreements. Maintain contacts with and
coordinate with Lawyers for commercial matters.
16.Tax
planning, corporate taxation and Zakat matters. Keep up-to-date with
taxation, accounting standards, company law, Labor Law, GOSI, Banking
law and practices and changes therein.
Tax
planning, corporate taxation and Zakat matters. Keep up-to-date with
taxation, accounting standards, company law, Labor Law, GOSI, Banking
law and practices and changes therein.
17.Attend Board meetings as Finance Head, Prepare Finance presentation for Board papers and Make presentations.
Attend Board meetings as Finance Head, Prepare Finance presentation for Board papers and Make presentations.
18.Credit control
Credit control
19.Evaluation of major capital expenditure.
Evaluation of major capital expenditure.
20.Coordinate
with external auditors of the company for Quarterly accounts required
under CMA regulations and with auditors of foreign partner with regards to IFRS & US GAAP reporting packages
Coordinate
with external auditors of the company for Quarterly accounts required
under CMA regulations and with auditors of foreign partner with regards to IFRS & US GAAP reporting packages
21.Study long-term economic trends and project company prospects for future growth.
Study long-term economic trends and project company prospects for future growth.
22.Directs
the preparation of all financial reports, including income statements,
balance sheets, reports to shareholders, tax returns, and reports for government regulatory agencies.
Directs
the preparation of all financial reports, including income statements,
balance sheets, reports to shareholders, tax returns, and reports for government regulatory agencies.
23.Studies
long-range economic trends and projects company prospects for future
growth in overall sales and market share, opportunities for acquisitions
or expansion into new product areas. Estimates requirements for
capital, land, buildings, and an increase in the work force.
Studies
long-range economic trends and projects company prospects for future
growth in overall sales and market share, opportunities for acquisitions
or expansion into new product areas. Estimates requirements for
capital, land, buildings, and an increase in the work force.
24.Supervises
investment of funds; works with banks and/or investment bankers to
raise additional capital as required for expansion.
Supervises
investment of funds; works with banks and/or investment bankers to
raise additional capital as required for expansion.
25.Working
with Banks and Financial Institutions and handling legal issues with
regards to funding. Ensuring compliance with covenants and reporting requirements of the lenders. Raise additional capital as required for expansion
Working
with Banks and Financial Institutions and handling legal issues with
regards to funding. Ensuring compliance with covenants and reporting requirements of the lenders. Raise additional capital as required for expansion
WORK CONTACTS
Frequent
contacts with The President, with board members and department managers
in the company, to coordinate financial and board matters.
Establishing and maintaining middle and high level relationships with
banks, lenders and financial institutions.
Occasional
contacts with customers to advise on prices and follow up on payments;
with contractors for settlement of payments and with Government and
owners auditors to answer queries and schedule activities.
Carries
out his activities within the general framework of the Company
objectives and financial policies which he will have been instrumental
in developing, and in accordance with international accounting
principles and standards.
The position holder is a decision maker within the company according to delegated authorities.
ESSENTIAL REQUIREMENTS:
Academic:
University degree in Commerce / Business Adminstration / Finance and Accounting
Professional:
Ideally
a member of Professional Accounting Body such as Institute of Chartered
Accountants (ACA/FCA)/ Institute of Certified & Corporate
Accountants (ACCA) or Certified Public Accountant (CPA)
Related Work Experience (type and years)
12
years of experience in the various accounting & financial functions
of a process company, ideally petrochemical or manufacturing.
Experience should include senior managerial position for at least 5
years and should be well versed in computerized environment ideally ERP.
Language Skills:
Fluent English
