Unlocking Success: Statistics from a Proficient Finance Leader!
The finance expert’s role is becoming more significant through forward-thinking and extending to incorporate strategy and business partnerships. Their leadership style emphasizes teamwork and strategic planning.
In the finance industry, these professionals play an important role in aligning financial strategy with the broader business objectives of the organization. Additionally, they supervise internal and external financial reporting, asset stewardship, driving key strategic roles and cash management.
This economist facilitates organisations and the CEO with financial management, financial reporting, strategic planning, budgeting, forecasting, stakeholder management, controlling, cost-benefit analysis, and fundraising for various initiatives. He aims to work in collaboration and plays an important role in a company’s overall performance which currently is making records.
With these superior features and over 20 years of experience, Muhammed Waris Sarfaraz, Chief Finance Officer at Kun Sports, is a seasoned finance professional. He has traversed a remarkable path in his career, with significant milestones and leadership roles.
As a CFO, he has achieved numerous milestones throughout his illustrious career. Throughout his journey, he has consistently demonstrated his ability to adapt to new challenges and leverage his extensive experience to drive business growth and successes.
He plays a crucial role in aligning financial strategies with the company’s overall business objectives. Under his current guidance and collaborating with Group CEO, Kun Sports experienced rapid growth, opening nearly more than 40 gyms across the GCC region in just two and a half years. His influence has driven economic change, financial stability within the organisation and fostered a healthier, more active community in the Middle East region.
His leadership roles, skills, knowledge, and achievements have solidified his position as a respected figure in the ever-evolving world of finance. It has earned him recognition as a high performer in finance, accounting, strategy, business partnering, treasury, controlling, advisory, and financial planning and analysis (FP&A) functions.
Sarfaraz implements a strategic approach to align financial goals with the overarching objectives of the organization. By consistently meeting expectations and maintaining open communication, Sarfaraz exemplifies the essence of effective investor relations, contributing to Kun Sports’ credibility and success.
Let us learn more about his journey:
A Journey of Finance and Leadership
Sarfaraz’s journey began with a stint at the prestigious Big 4 firm, PwC (PricewaterHouse Coopers), where he spent nearly eight years serving various local and international companies and clients across diverse industries and sectors, including manufacturing, oil and gas, multinational corporations (MNCs), services industries, logistics, chemicals, and petrochemicals. Unilever, Reckitt Benkiser, Lotte Chemicals Ltd. National Refinery Limited, Pakistan Refinery Limited, HinoPak Motos, Rotana Group, IJM Constructions, Agility Logistics, DHL, Renfro Turkey, Mitsui O.S.K were among the list of companies where he rendered assurance and advisory services. This experience provided a comprehensive foundation for his future endeavors, offering a 360-degree view of business needs and acumen.
His career took a significant turn when he joined the Saudi conglomerate Obeikan Group of Companies in Riyadh, Saudi Arabia. As the Group Finance and Controlling Director, he managed the financial functions of over 25 subsidiaries and sister companies. This role further honed his skills in connecting finance to business needs, enabling him to serve as a real business partner.
Subsequently, as the Finance Director of Leejam Sports Company, Sarfaraz played a pivotal role in preparing and leading the company through a highly successful initial public offering (IPO) on the Saudi stock exchange. He was responsible for the financial, accounting, treasury, reporting, planning, and strategic functions. This experience served as a significant milestone in his career, demonstrating his expertise in IPO listings and leadership roles. Later he assisted Bin Dawood Holdings in achieving their strategic goals and financial balance.
Currently, he serves as the Group Chief Financial Officer (CFO) for Kun Sports and other sister companies. In this capacity, he is responsible for setting up, developing, and transforming financial management, strategy, business planning, budgeting, forecasting, financial reporting, corporate treasury, monitoring, and controlling functions. His primary objective is to drive the organization’s strategic objectives, ensuring a roadmap for future growth and success.
Inspiration to Pursue a Career in Finance
Born with a passion for finance, which was instilled in him by his mother (Mrs. Roshan Sarfaraz), Sarfaraz pursued his dream of becoming a Chartered Accountant (CA) with the blessings of Allah. This early exposure to finance laid the foundation for his future endeavors.
During his articles with PwC, Sarfaraz honed his skills in key areas necessary for a finance professional and leader. His diverse experience across various industries has given him a unique understanding of what it takes to be a successful business partner.
As a Group CFO in KUN Sports, Sarfaraz has successfully led financial corporate transformations, corporate strategy, managed dynamic investor relations, and developed and executed long-term business plans.
Driving Economic Change
Upon joining the organization, Sarfaraz was tasked with developing a comprehensive business plan and setting strategic objectives with time-bound milestones. This plan was designed to roll out fitness gyms across major cities in Saudi Arabia, with the primary goal of making fitness accessible to everyone through a high-value, low-price (HVLP) business model.
Under his leadership, Kun Sports experienced rapid growth, opening nearly 40 plus gyms across the GCC in just two and a half years. This expansion has had a profound impact on the broader community, enhancing the quality of life, promoting healthy lifestyle choices, and contributing to a healthier society.
Sarfaraz credits the Group CEO, Mr. Mohammad Nabil Hefni, as a driving force and business partner in this transformative journey for Kun Sports.
To achieve this success, he emphasized the importance of strategic planning and financial sustainability. He developed a robust financial plan that regularly evaluates goals and objectives at the operating asset level. Annual budgets were aligned with the company’s business plan, and decisions were made to sustain growth. Key initiatives among many included hiring the right team, implementing robust operating systems, and establishing a robust financial management framework.
His strategic plan also focused on capital structure and financing parameters, ensuring that the company was well-positioned to scale and contribute to Saudi society.
Elevating Financial Strategy
By leveraging a mechanism derived from Kun Sports’ long-term business plan, Sarfaraz ensures that annual budgets, forecasting processes, and performance results are aligned with short- to medium-term objectives.
Financial goals, objectives, and key performance indicators (KPIs) are meticulously set across all departments to achieve strategic milestones with the organization’s goal. He emphasizes on aligning finance function with other departments that together have strategic and operational synergies in achieving organizational targets.
Fostering Trust and Confidence through Investor Relations
Sarfaraz’s adept management of Investor Relations has significantly bolstered trust and confidence among investors and stakeholders. His strategic approach, coupled with a positive mindset, has been instrumental in fostering strong relationships. This is testament with the trust that is placed by strategic business partners in Kun Sports journey of success and his earlier partner organisations.
Balancing financial duties with investor engagement, he navigates complexities with efficiency. Recognizing investors and shareholders as crucial stakeholders, he ensures transparency, sincerity, and a results-driven focus in all interactions.
Advancing Expertise in Finance for Navigating Industry Complexities
Sarfaraz, a seasoned financial professional with a Big 4 PwC background, strategically leverages his knowledge of IFRS, financial management, accounting, business planning, treasury, taxes, and risk management to negotiate complex environments. His PwC foundation enabled a premium finance qualification and diverse sector experiences, laying the groundwork for a robust career transition from assurance services to industry.
The comprehensive training covered various areas of financial management & reporting, policies, procedures, risk assessment providing a thorough understanding of business risks and effectiveness of controls. His proficiency in these areas, honed through practical application in various companies, including Kun Sports, reflects his dedication and passion for the finance realm.
Evaluating Financial Processes – A Strategic Approach
Sarfaraz has implemented a range of technologies and methodologies to streamline financial processes and support strategic decision-making. He developed, among many others, robust financial models, reporting mechanisms, led robust FP&A functions and management decks, coupled with feasibility studies and site selection methodologies.
Also, he has provided valuable insights to the executive management and shareholders of many companies over the years. The development and implementation of ERP systems, automation of processes, financial models, digital collaboration and right processes have further enhanced efficiency and assisted him in data-driven decision-making.
Financial Strategies for Rapid Expansion: A CFO’s Perspective
Sarfaraz emphasizes that financial strength is at the core of the company’s rapid growth and expansion. As a business partner to the CEO, reporting to the Board of Directors, Sarfaraz ensures that the company is capable of achieving its objectives. These objectives include rapid expansion, sustainability, financial structure, capital investments, assessing budgetary requirements, providing working capital, placing cost efficiencies, and supporting operational excellence. He believes that the right financial strategies are fundamental and play a pivotal role in achieving the company’s overall vision, mission, and strategic goals.
Sarfaraz ensures the company’s capabilities align with objectives such as rapid expansion, growth, sustainability, and financial management, including budgeting, capital investments, and operational excellence.
A Finance Expert with a Legacy of Excellence
Sarfaraz has earned the esteemed Chartered Accountancy (CA) qualification and a master’s degree in finance.
Throughout his journey, he consistently strived to exceed expectations and deliver the best results. His dedication has been recognized with various awards, accolades, and honorary certifications for his contributions to the organizations he has worked for.
Amongst his notable achievements includes leading a finance team that was recognized as the Best Finance Team of the Year in the prestigious Saudi CFO Awards. Additionally, he has successfully led IPOs, implemented systems, and delivered financial savings and value engineering additions for stakeholders contributing significantly through his assurance, financial and advisory services.
Fostering a High-Performance Culture in Finance
Sarfaraz understands the importance of cultivating a high-performance culture within his team. In a rapidly expanding company like Kun Sports, where external developments, technology, and digital spheres are revolutionizing the industry, it is crucial to strive for excellence in every role.
He has implemented a systematic process for setting annual objectives and key performance indicator (KPI) targets for the entire finance team. These targets are regularly monitored by Sarfaraz, the HR department, and the CEO and are directly linked to the annual staff appraisal and compensation system.
Believing in investing in their people, Sarfaraz recommends having dedicated training and development programs for all levels, from leadership to management, with separate annual budget allocations and focus.
Inspiring Executives and Unlocking Success
Sarfaraz is a seasoned executive with extensive experience in various industries and shares valuable advice for aspiring executives. Drawing from his journey, he emphasizes the importance of investing in personal development, leadership skills, communication and acquiring a sustainable financial qualification or degree.
This foundation is crucial for a long-term career in finance. By focusing on these essential qualities, individuals can set themselves up for success in executive roles, including those at the C-suite level.
