The
Finance Manager (FM) is responsible for managing and overseeing the financial operations of the
Steel Foundry and Iron Casting Factory. This role includes budgeting, cost control, financial reporting, and ensuring compliance with regulatory requirements. The FM supports strategic decision-making by providing accurate financial insights, managing risk, and optimizing resource allocation across procurement, production, and sales.
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Key Responsibilities
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Financial Planning & Analysis
- Prepare annual budgets and rolling forecasts, working closely with operations and procurement teams.
- Monitor financial performance against targets, highlighting variances and recommending corrective actions.
- Analyze costs related to production, scrap materials, ferroalloys, and logistics to improve profitability.
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Reporting & Compliance
- Generate monthly, quarterly, and annual financial statements in compliance with local regulations (ZATCA, IFRS).
- Ensure accurate reporting of inventory, cost of goods sold (COGS), and overheads specific to foundry operations.
- Handle tax filings, zakat, VAT, and audit requirements in coordination with external consultants or auditors.
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Cost & Inventory Control
- Implement cost accounting systems to track direct and indirect costs in melting, molding, machining, and finishing operations.
- Monitor raw material usage (scrap, ferroalloys) and finished goods inventory.
- Work with store, procurement, and production teams to manage inventory valuation and reconciliation.
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Cash Flow & Banking
- Monitor daily cash flow, manage payments, and ensure optimal working capital.
- Oversee Letters of Credit (LCs), bank guarantees, and supplier payments, especially for international procurement.
- Coordinate with banks for financing facilities and ensure compliance with terms and covenants.
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Process Improvement & Controls
- Enhance internal financial controls and standard operating procedures (SOPs).
- Support digital transformation initiatives (e.g., ERP implementation, data automation).
- Identify areas for cost reduction and efficiency improvement across departments.
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Team & Stakeholder Management
- Supervise accounting and finance staff, ensuring accurate entries and timely closures.
- Collaborate with production, maintenance, procurement, and logistics teams for aligned financial practices.
- Report to CEO/CFO and provide insights for management decision-making.
📌 Qualifications & Requirements
- Bachelor / Master's degree in Finance, Accounting, or related field (CPA, CMA, or MBA preferred).
- 10–15 years of finance experience, with at least 5-7 years in a manufacturing or industrial environment.
- Strong understanding of cost accounting, inventory control, and project finance.
- Proficient in ERP systems and advanced Excel skills.
- Knowledge of Saudi regulatory requirements (VAT, zakat, SAMA) is essential.
- Strong communication, leadership, and analytical skills.
