Empowering Destinations with Sustainable Innovation!
The Red Sea Utilities Company (TRSUC) is a specialized subsidiary under Red Sea Global (RSG), established to provide integrated utility services for RSG's flagship developments, including The Red Sea Project and Amaala.
TRSUC is responsible for delivering essential services such as renewable energy, water desalination, wastewater treatment, solid waste management, district cooling, and telecommunications infrastructure. TRSUC is pioneering the development of off-grid, renewable utility systems to ensure that RSG's destinations are powered entirely by clean energy.
TRSUC's initiatives are integral to Saudi Arabia's Vision 2030, aiming to diversify the economy and promote sustainable development. By providing state-of-the-art utility services, TRSUC supports RSG's mission to create regenerative tourism destinations that prioritize environmental stewardship and community well-being.
At TRSUC, Where Infrastructure Meets Innovation - For People and Planet.
Job Purpose:
- The role will be responsible to oversee and supervise all aspects of the company's accounting function including the creation and implementation of accounting policies and procedures, managing all financial reports and statements, ensuring compliance with relevant laws and regulations, oversees all aspects of the billing process, and preparing annual budgets.
- Responsible for supervising, directing, and managing the company's accounting team, maintaining the accuracy of the company's financial information, and offering strategic financial guidance.
- Furthermore, responsible for financial evaluation of commercial initiatives, pricing strategies and contract negotiations.
- With a strong knowledge of commercial financial laws and regulations, ensure financial compliance in all commercial dealings.
Job Responsibilities:
Strategic Financial Planning
- Contribute to the development and implementation of the annual business plan, and target and implement the strategic agenda of the TRSUC Commercial function to deliver TRSUC's and RSG vision and mission.
- Create financial plans aligned with the organization's commercial objectives and ensure their effective execution.
- Develop models and forecasts,track financial performance, and recommend strategies for revenue enhancement, cost reduction, and investment opportunities. Oversee the execution of approved financial strategies and adjust as necessary based on financial trends
Functional Responsibilities
- Produce and analyze detailed financial reports such as income statements, balance sheets, and cash flow statements. Provide insights and potential impacts on commercial operations.
- Use variance analyses techniques to highlight differences between budgeted and actual financial results and provide insights for future budgeting and forecasting.
- Spearhead the annual budgeting and regular forecasting process for the commercial team, collaborating with other departments to align financial goals.Partner with the commercial team in developing pricing strategies and their implementation, considering financial analysis and market trends.
- Liaison with contract teams to negotiate contracts with clients from a financial perspective, ensuring cost-effectiveness and profitability.
- Develop and maintain supporting documents for all financial reports and evaluate them for various departments and committees.
- Perform comprehensive financial analyses to project future revenues and expenses for TRSUC, including detailed investigations into financial commitments and obligations.
- Identify financial trends and recommend actions for optimization to the leadership team.
- Regularly communicate financial insights for TRSUC's leadership team, focusing on cost optimization and profit growth.
- Serve as the primary contact point for TRSUC's external auditors, leading the preparation and support of all external audits.
- Efficiently respond to auditor queries, ensuring audit processes run smoothly and on schedule.
- Ensure the efficiency and accuracy of all billing operations, planning and implementing billing processes,
- Oversee the billing process, reduce errors, maintain updated records of invoices and contracts, align operations with business objectives and ensure compliance with legal and company policies
Policies, Systems, Processes, Procedures, Standards and Reports
- Design, implement, and review accounting policies and procedures to improve financial management, ensure regulatory compliance, and safeguard the organization's assets.
- Oversee in the preparation of accurate and timely functional MIS statements and reports to meet corporate and functional requirements, policies and standards
Risk Management
- Identify and analyze potential financial risks that could impact the organization's financial health. Develop and implement risk mitigation strategies and procedures,
- Ensure adherence to local and international accounting standards, tax laws, and other regulatory requirements applicable to the utility industry.
Safety, Quality & Environment
- Apply safety, quality and environmental management policies, procedures and controls to ensure employee safety, legislative compliance, delivery of high-quality products/service and a responsible environmental attitude.
Continuous Improvement
- Contribute to the identification of opportunities for continuous improvement of department's systems, processes and practices considering international best practice, improvement of business processes, cost reduction and productivity improvement.
- Lead enhancements to financial reporting systems, reducing inefficiencies, and striving towards automation.
Job Requirements:
Qualifications & Experience:
- Bachelor's degree in accounting, Finance or a related field is minimum. A master's degree in business administration (Master of Business Administration) or relevant field would be advantageous.
- A professional certification such as Certified Public Accountant (CPA), Chartered Accountant (CA), or Certified Management Accountant (CMA) is highly desirable. Certification by Saudi Organization for Certified Public Accountants (SOCPA) is required.
- 12-15 years of experience in accounting, preferably within the utility industry.
- Comprehensive understanding of financial principles, accounting standards, and tax laws. Proficiency in analyzing financial data, identifying trends, and providing strategic insights.
- Strong leadership abilities to effectively manage, guide, and motivate an accounting team.
- Strong adherence to high ethical standards and compliance with financial laws and regulations.
