Mustafa Sultan
Finance Director
Cairo
Summary
Being a talented professional and result oriented executive [+] 20 years of extensive experience in the areas of Accounting, Finance, Reporting, Taxation, Budgeting & Planning, Commercial, Compliance, Risk and Auditing. I have knowledge & experience in the field of Port Operation, Shipping, Construction and Tourism.
Business Development- leadership, development, structuring, negotiation and closing long term deals such as a 40 year concession agreement with Egyptian government and Medium-term contracts with shipping lines at Sokhna Port.
Strategic development- Development and oversight of company growth strategies such as acquiring Logistic companies (EGP 1bn deal) and support greenfield expansions in freight forward and Logistic Park through building and starting new two companies.
Market engagement- Heading company sustainability budgeting program, Familiar and well known with all banking sectors.
Mentoring and experienced in multi culture environments- enjoy working with young talent and help them progress and develop their career. Long experience in working in a multi culture environment including several different nationalities and different mindsets.
Overview
27
27
years of professional experience
Work History
Finance Director
DP World Sokhna
06.2019 - Current
- Leading Finance, Procurement and Warehouse activities. Led the DP World Sokhna Finance team and liaised with Head Office Treasure team on the structuring and completion of a USD 225 million project financing to fund the expansion works of Basin-II in Sokhna. Funding was led by a consortium of international Banks. Designated project lead between head office and DP World Sokhna on steering a minority stake sale of the Egyptian port to a leading European government fund. Process involved extensive data gathering, and analysis in all aspects of technical, operational, financial, accounting, tax, ESG, HR and others. Directly involved in the management presentations and legal documentation preparation as well as in direct communication for extensive Q&A sessions with the investment group.
- Led DP World Sokhna Implementation of ERP systems “Oracle Fusion and Maximo Cloud” in 2021. In addition to the Implementation of Bulk and general cargo Software (Log Star). Led the implementation of ONLINE customer payment in cooperation with Commercial international bank and Mastercard. Support implementation of Zodiac (Terminal TOS) frontend. Supervise Basin-II expansion project with US$ 500Mn. Restructure and enhance accounts payable, receivable and reporting departments. Prepare company Budget, annual forecast, board files and required board analysis to support decision makers during the last seven years. Led company audit and taxation projects during the last nine years. Support and interact in all types of insurance/legal claims. Train, Improve and lead a team consisting of 40 members in Finance, Procurement and Warehouse departments. I have international assignments for one year at DP World Assab Project (Eritrea) and Kigali Logistic platform (KLP-Rwanda) as a CFO with a main task/goal to support projects implementation/startup including but not limited to equipment installation, banking arrangements. Fully aware and active member in corporate social responsibility.
- Since 2008 till dated working in DPW Sokhna Port one of DP World Ports Through 16 years with DP World Including international assignment at Eretira and Rwanda as a CFO. My career strongly developed as follows:
- 2019:Current Finance Director
- 2013:2018 Finance Manager
- 2011:2012 Finance Controller
- 2006:2010 Senior Cash Management
Senior Store Accountant
EZZ FOR FLAT STEEL Co.
01.2004 - 01.2005
- During this period, I have got the knowledge of how stores are working and what is exactly store role especially in the heavy industries like flat steel. My responsibility was to follow up and record incoming and outgoing spare parts and follow up cost centers with all departments. Also, we must prepare all inventory reports such as cost by departments.
- Areas of Responsibility from 2004:2005
Senior accountant & Administration Officer
SAEI/ORASCOM Joint Venture Construction
01.2000 - 01.2004
- SAE Orascom is a joint venture company established for the purpose of building two electricity station 2x625MGA during project my main role was to run all construction accounting process including subcontractors accounts and all bank transaction through a fresh system called AS 400. Also I was preparing monthly salary on a system called Comsys. Also I was running all administrative work and leading all dealing with governmental departments like Tax department, Social security and Social construction.
- Areas of responsibility from 2000:2004
Receivable Accountant
Palmera Beach Resort
01.1999 - 01.2000
- During that period, I have started credit department in the hotel and started the process of dealing in credit with hotel major customers. Also I was following up all bank collection and bank reconciliation.
Education
Certified Management Accountant -
Institute of Certified Management Accountants
Australia06-2021
Graduate Certificate - Supply Chain Management
International Purchasing And Supply Chain Institute
US 04.2001 -
Global Supply Chain and Logistic Diploma - Logistics And Supply Chain Management
Erasmus University Rotterdam
Rotterdam, Netherlands06-2022
Minim MBA - undefined
International Academy for Advanced Research and studies
03.2017
Managing Terminals Operation Diploma - undefined
DP World Institute
05.2016
Career Certificate in Finance - undefined
American University in Cairo
Cairo, Egypt06.2014
Foundation Certificate in Accounting & Finance - undefined
American University in Cairo
Cairo, Egypt08.2013
Leading the Workplace Diploma - undefined
DP World Institute
05.2012
Bachelor of Commerce - Accounting department
Suez Canal University
01.1999
Skills
- Knowledge/ experience in Local GAAP and International Financial Reporting Standard (IFRS Courses)
- Knowledge and experience in Financial Reporting, Planning, Budgeting, Forecasting, Cost management and internal control (Certified Management Accountant CMA)
- Strong knowledge in container, bulk and general cargo field and terminals operation process
- Managing Terminal Operation (MTO Diploma) London Gateway Batch
- Participate and practice all banking process including but not limited to finance projects, loans contracts, Letter of Credit, Letter of Guarantee, and interest rates negotiation plus all day-to day operation
- Experienced in all port revenue streams and have the knowledge of how to maximize revenue streams
- Knowledge about Logistics through International Assignments at Kigali Logistic Platform
- Knowledge in areas of revenue leakage/ process improvement & efficiency along with scenario analysis
- Having sufficient knowledge about all areas of cost saving and expenses reduction in port business along with control budgeted expenses to maximize profitability from company revenue
Business process improvement
Profitability analysis
Strategic planning
Audit coordination
Cash flow management
Risk management
Budget planning
Compliance monitoring
Financial strategy development
Strategic financial planning
Accomplishments
- In 2021 Supported implementation of ERP systems (Oracle Fusion, Maximo Cloud)
- In 2021 supported and drive the ONLINE payment project at DP World Sokhna along with Mastercard
- In 2021 Reach a closure of an old dispute with Tax department and close all disputed amounts
- Working in DP World Sokhna expansion Projects Basin II US$ 500 Mn project
- In 2020 and 2021 drive the project of invoices automation and enhance invoicing system
- In 2018 successes to reach to a final settlement/ agreement with Suez Canal Economic Zone to close all previous outstanding balances up to end of June 2016.
- During all my assignment as a finance manager/Head of Finance I have participated in all yearend/half year closing, financial statements preparation, budgeting process and preparation for all Board files.
- During all my assignment I was the focal point with port authority accounting and finance team to apply Concession agreements and reconcile/solve any long queue of pending issues with port authority
- In 2016 we have worked in Direct Reduce Iron (DRI) project in Sokhna with approximately US$ 12Mn and annual revenue of US$ 10.7Mn subject to future increases
- In 2015 I was a member of the team who implemented DPW Sokhna corporate social reputability
- In 2016 I have implemented project for all truckers who deals with a high frequent number of cash invoices on a daily basis to the prepayment system based on deposit guarantee on a time-to-time basis.
- In 2017 we have diversify company excess cash investments through treasury bills and start to create a competition between more than one bank which lead to increase interest income with 143% Vs. budget
- By the end of 2016 Egyptian currency was subject to devaluation of 100% which impacted some of revenues, accordingly we implemented $ tariff for all services to mitigate the currency FX risk.
Areas of Responsibilities / Main Achievements
- 1) In 2013 I have assigned as Finance Manager, below represents my main Responsibilities:
- Prepare Board file/Presentation along with all required explanations and justifications to the Board
- Support all company Acquisition plans, new Project expansions, through coordinate with Head Office and Regional Office along with Business unit managers to develop business strategy
- Follow up company expansion, project execution and make sure it’s managed within the required parameters in coordination with RO/HO guidelines.
- Prepare timely, accurate and effective financial/MIS reports including but not limited to (Management reports and IFRS packages) and share it with RO/HO.
- Preparation of annual Budget, Monthly Reporting, quarterly forecast, and yearend Financial packages.
- Coordinate/discuss with various government agencies like Suez Canal Economic Zone and General Authority for Investments to make sure that we are aligned with rules/regulations.
- Apply Financial controls and policies, compliances, Risk register and Internal audit reports/requirements.
- Evaluate new Capex/ Expansion proposals analyses and prepare all the required financials (NPV, IRR and Payback). Critical role in timely implementation of new projects.
- Ensure compliance to all DPW Polices, procedures and local regulations and contractual commitments
- Discuss, evaluate, Procurement major tenders/PO’s and ensure implementation of policies & procedures
- Liaise with banks and lenders loan requirements such as loan covenant and reporting requirements
- Manage surplus cash of the company and ensure smooth cash flow
- Ensure prompt and correct accounting, finalization of the financial statements and audited statutory without any adverse remarks
- Mentor and develop a finance team, managing work allocation, training, problem resolution and performance evaluation.
- Provide support for commercial decisions like pricing, tariffs, discounts, and rebate.
As Financial Controller and Senior Cash Management
- In 2009 I have started Cash Management department in DPW Sokhna and led the project of financing basin I expansion with US$ 50Mn.
- In 2010 I have started insurance department in Sokhna and implement insurance process for the first time
- In 2011 we have faced a lot of challenges during Egyptian revolution which impacted the port for along time effected the whole Egyptian economy and I was always a member of crisis team
- In 2011 and 2012 DPW Sokhna port have passed a lot of labors strikes accordingly we have created a group to deal with strike situation to meet company obligations and run all emergency
- During all my assignment I was the one who have commercial knowledge, cost management, and run all analysis to support service pricing, discounts, and volume rebate structure
- Also, I was running management information system to give clear guidance to company management in all critical decisions and support Board members in their decisions
Timeline
Finance Director
DP World Sokhna
06.2019 - Current
Senior Store Accountant
EZZ FOR FLAT STEEL Co.
01.2004 - 01.2005
Graduate Certificate - Supply Chain Management
International Purchasing And Supply Chain Institute
04.2001 -
Senior accountant & Administration Officer
SAEI/ORASCOM Joint Venture Construction
01.2000 - 01.2004
Receivable Accountant
Palmera Beach Resort
01.1999 - 01.2000
Minim MBA - undefined
International Academy for Advanced Research and studies
Managing Terminals Operation Diploma - undefined
DP World Institute
Career Certificate in Finance - undefined
American University in Cairo
Foundation Certificate in Accounting & Finance - undefined
American University in Cairo
Leading the Workplace Diploma - undefined
DP World Institute
Bachelor of Commerce - Accounting department
Suez Canal University
Certified Management Accountant -
Institute of Certified Management Accountants
Global Supply Chain and Logistic Diploma - Logistics And Supply Chain Management
Erasmus University Rotterdam