Karim Elkot

Finance Manager, self-committed and task focused professional mainly in Oil and Gas industry. I have a leading experience rotated in senior/managerial roles within a diverse of multinational E&P companies operates in "Egypt, Tunisia, Canada and UAE ". I have proven technical skills in management, budgeting, accounting, Tax, cost analysis, financial control, commercial support and project finance.

I have MBA major Banking and Finance completed in 2011. My latest achievements and responsibilities with my current employer include day to day control and managing Finance/Treasury/Accounting /commercial operations in Joint Venture /partnership environment and provide the financial support to manage other participated interest assets.

Employment History

• Finance Manager at Mediterra Energy Corporation, (Cairo, Egypt- Calgary, Canada).

(September 2016 – Present)

Achievements and responsibilities: 

• Managing and improving the company's entire financial accounting, monitoring and reporting systems with a full compliance to the guidelines established with the corporate policies.
• Ownership of category P&L, including all budgets, forecasts and management reporting.
• Manage tax provision, compliance and reporting process.
• Providing commercially sound financial analysis for ad hoc projects, including cost effectiveness, commercial viability, operational capability and financial audit/ controls
• Be a true Business Partner to the commercial teams, providing accurate and timely financial analysis of key commercial initiatives providing joint business planning support.
• Perform ad hoc financial analysis to support key business decisions.
• Develop and maintain regularly reporting packages, including monthly/quarterly forecast plans, and customer/order information.
• Develop and maintain regularly reporting packages (US GAAP and IFRS), including monthly/quarterly forecast plans, and customer/order information.
• Playing major role in managing the company’s Revenue, Capex and Opex budgets and manage forecasting and variance analysis. 
• Furnish the various intermediate budgets stated for joint partners operations in compliance with the group main budget.
• Responsible for being in connection and managing all corporate, partners and annual audits.
• Helping the business to respond in an agile and flexible manner to any business opportunities that may arise. 
• Alignment and follow up of objectives, reach, and time restrictions with internal stakeholders.
• Ensuring monthly, Quarterly and end-year closing process (GL/AR/AP/Accruals/Payroll) are posted in a timely and accurate way with appropriate supporting information. 
• Lead supply chain and procurement process and implement appropriate tracking mechanisms to company resources and demands.
• Monitor inventory movement and fluctuations, including “WIP” Aging Review and annual stock counts activities
• Manage and monitor metrics, KPI tracking, and reports.
• Understand and calculate the risks involved in the financial activities of the organization.

• JV Finance Manager & JV Board Member at Dana Gas (Cairo, Egypt- Sharjah, UAE).

(January 2010 – August 2016)

Achievements and responsibilities: 

• Represent the Company in the JV board of directors to manage finance operations and take the proper actions to safeguard the company assets.
• Attending the board meetings as well as general assembly meetings to do plan, review, reporting and evaluate business objectives and develop the proper allocation of resources.
• Appointed as a financial representative in bid committees in connection with DOA to secure the right procedures is followed in compliance with JV policies.
• Providing Company Directors with accurate financial information, management accounts and data analysis.
• Interpreting financial information and data.
• Analysing the on-going profitability of all ventures entered into by the company.
• Ensuring that strong financial controls and procedures are in place.
• Preparation of monthly management accounts.
• Management of monthly bank reconciliations.
• Managing the final delivery for budgets and forecasting.
• Interpreting cash flows and predicting future trends.
• Identifying the potential for making financial savings.
• Management of tax reporting and compliance.
• Handling and resolving financial queries.
• Working closely with the IT team to ensure all financial data is secure.
• Managing and developing a team of finance and AP professionals
• Managing a variety of stakeholders and their expectations through regular communications.

1.  

• Financial Controller at Dana Gas. (Cairo, Egypt- Sharjah, UAE).

(January 2007 – December 2009)

1. Achievements and responsibilities: 

• Manage all company accounts and investments.
• Create monthly and annual reports to identify results, trends, and financial forecasts.
• Manage cash flow by tracking transactions and regularly reviewing internal reports.
• Supervise and manage financial department staff, including accountants and financial assistants.
• Consolidate business units operations and report on operational variances to forecast and budgeting purposes.
• Establish, implement, and monitor appropriate internal controls and policies to ensure conformance and compliance with U.S. GAAP and other statutory requirements (SOX).
• Participate and lead the quarterly review and annual year-end audit process with the external auditors.
• Manage the various statutory tax requirements, such as income, Withholding, royalty, value-added taxes.
• Assist with various internal and external reporting requirements including debt compliance matters.
• Collaborate with auditing services to ensure proper compliance with all regulations.
• Ensure that all financial transactions are properly recorded, filed, and reported.
• Establish and implement financial reporting systems to comply with government regulations and legislation.
• Develop budgets and financial plans for the company based on research and data reports.
• Review all financial plans and budgets regularly to look for cost reduction opportunities.
• Act as a Proxy to the Finance Manager in attending tendering/bid committees for the operated assets/business units.
• Assist the Group Finance Manager in presenting reports to senior executives, stakeholders, and board members.

1.  

• AR & Cost Recovery Controller at Centurion Petroleum Corporation (Cairo, Egypt- Calgary, Canada).

 (January 2006 – December 2006)

1. Achievements and responsibilities:

• Accountable for Cost/Oil recovery statements submitted to the governmental partners in a quarterly basis.
• Accountable for cost recovery settlements and direct negotiations the governmental partners to reconcile cost recovery books.
• Maintains and balances subsidiary AR accounts by verifying, allocating, posting, reconciling transactions; resolving discrepancies.
• Review quantities information per type of product (Crude Oil, Gas, Condensate, and LPG) and prepare Hydrocarbons receivables invoicing in monthly basis. 
• Assure a timely collection of receivables and oversee AR position. 
• Issuing and controlling AR, sales invoices, debit notes and intercompany billing.
• Work closely with Finance Manager to achieve annual collections targets.
• Keeping in charge for monthly reconciliation of the intercompany accounts. 
• Preparing cash call, periodic reconciliation of cash payments & bank statements.
• Assist in monthly/quarterly closure and financial reporting to Head Office.

1.  

• Senior Accountant at South Dabaa Petroleum JV (Dapetco), Cairo, Egypt.

(January 2003 – December 2005)

1. Achievements and responsibilities: 

• Account control for cost recovery and cost allocation including exploration, drilling, projects, operations and all relevant indirect costs.
• Inventory control, monitoring in/out transactions, monthly reporting of movement and balance.
• Analysis and control of capital assets (fixed & movable).
• Financial analysis and control to company Receivable and debtors accounts.
• Accountable for Third party invoicing.
• Preparing bank reconciliation, closing entries, tax duties.
• Accountable for payroll processing for staff salaries and benefits.

• Staff Auditor at Price water house cooper (PWC), Cairo, Egypt.

(November 1999 – December 2002)

1. Achievements and responsibilities: 

• Conduct comprehensive financial audits, and state compliance audits, and agreed-upon procedures. 
• Perform analytical procedures/analysis to detect unusual financial statement relationships. 
• Perform internal control and substantive testing. 
• Identify and communicate accounting and auditing matters to seniors and managers. 
• Propose adjusting journal entries and discuss audit findings with clients. 
• Identify and communicate accounting and auditing matters to seniors and managers. 
• Document audit procedures and cross reference work papers. 
• Create management representation letter comments and recommendations and draft audit reports for management review. 
• Coordinate entrance/exit conferences.

Education

• Arab Academy for Science, Technology & Maritime Transport - Cairo, Egypt 

MBA, Banking and Finance. GPA 3.85 out of 4.

1.  

• Faculty of Commerce, Tanta University, Egypt.

Bachelor of Commerce – English Accounting Section. Grade: 73%.

Training Courses

1.  

• Banking and Finance Operations- National Bank of Egypt (Cairo, August 1996 & July 1997).
• Identification for Egypt Taxation Law. (Cairo, August 2005 & May 2011).
• Essentials of budgeting reporting and business finance (Glomacs, Dubai-UAE, January 2013)
• Advanced solutions for Energy problems-(P2 Energy, Tunisia-November 2013). 
• Production Sharing & Joint Operating Agreements – (IFP Training, France-December 2015)