In another life, Kioo financial controller Dipen Patel might have played cricket for the Tanzanian national team. Despite his skill as a bowler, he decided to hang up his boots to pursue a different line of work.
“I had to look at my CPA career first, but I have not left it completely. Over the weekend or occasionally after work, I play my cricket for half an hour and come back home to my family,” he says.
Dipen is the first Tanzanian national to lead the finance function at Kioo. In the five years since he became financial controller, the company has consistently beat the deadline for submitting its financial reports, a point of pride for Dipen. Seated in his living room in Dar es Salaam, Tanzania, the gentle-voiced executive beams as he speaks about the milestones Kioo has achieved over the last few years.
“We are the largest glass manufacturer in Eastern, Central and Sub-Saharan Africa. Over 10 years, we have almost quadrupled our capacities. In 2017, we doubled our capacity from 200 tonnes to 400 tonnes, which is about one and a half million bottles every day. Currently, we are in a phase of increasing the capacity. We have two furnaces and we are installing one more furnace. This year, by July, we will have a third furnace commissioned and we will be producing about 700 tonnes per day in total,” he said.
“Today, we are recycling about 40 to 45 percent of the glass we produce. We have invested in logistics. We have our own trucks and trailers. So, we deliver finished products to all land-locked countries such as Rwanda, Burundi, Uganda, Zambia, etc. and because these countries don’t have any glass plants, the customer collects all the glasses. When the trucks are coming back, they bring back the old glass,” Dipen explains.
People first
As the fifth industrial revolution takes shape, Dipen is keen to embrace technology as a driver of efficiency. But the company’s 650 payroll staff and 1,200 indirect workers, many of whom have been with Kioo for decades, remain his primary concern. He has therefore been keen to empower his team by being attentive to their needs and encouraging them to challenge their capabilities.
“They need to know that their leader is with them and understands their problems. Sometimes, they just need somebody to listen to their frustrations. I think that has made a change in the culture of the department as well,” Dipen said.
The company has also improved its technological capabilities to enhance the performance of its employees. This has proven especially crucial as the volume of its transactions continues to grow, necessitating new tools. These enhancements have made it possible for Dipen to give his team members room to thrive without constant monitoring.
“What more do you want to do? Let's say you are doing banking postings. Do you think that you now have the capacity to do purchase-voucher entries? So, every four months, we explore new roles. And the team members have built that confidence in themselves that, ‘we can do it as well.’. It's all about team building,” he says.
Strategic vision
After completing his CPA in 2008, Dipen landed a role at a trading company, where he worked as financial controller. Later, he decided to pivot to entrepreneurship and started exporting agricultural commodities. He credits his entrepreneurial experience with growing his mindset and capacity for leadership. In 2016, Kioo came calling.
“It's a conglomerate, and it has been in Tanzania for almost more than six decades. So, it was an opportunity that I couldn't let go. I joined as a finance manager and then became tax manager in 2017. From 2019, I have been the financial controller. I am also responsible for the family’s other group investments in the country. We have a transport wing, a real estate business, and a small hospitality business as well,” he said.
For Dipen, Tanzania with its natural resources, ports, and young population is a wellspring of potential. He, however, recommends a policy shift to boost direct investment in manufacturing and industry in the country.
“Tanzania has abundant natural gas deposits. We in Tanzania are paying about $9 per gigajoule. In Egypt, the manufacturing industry pays $3 per gigajoule. If the cost of gas goes down by 70 percent, the company can produce glass to cater to the entire Eastern, Central and Sub Saharan’s Africa demand. The world is going towards green. Coal will be outdated in the next four or five years. The country has large potential, and that is why we continue to invest in it,” he said.
Dipen’s vision for Kioo is an embodiment of the strategic financial mindset he believes all leaders should exhibit. He advises careful long-term planning, forecasting, and risk management, encouraging CFOs to be proactive in their roles. His approach to work has allowed him to strike a balance between the things that matter to him, such as time with his family and his social responsibilities.
Building community
The devout Jain, who serves as a committee member in his local religious community and his alma mater - Shaaban Robert Secondary School - and as the secretary of the Indo-Tanzania Cultural Centre, enjoys building social relationships and giving back to the community. Through his everyday actions, he endeavours to create a legacy of compassion and empathy, where his actions positively impact the lives of those around him. He also hopes to leave behind an organisation that is financially robust, resilient, and positioned for success due to strategies he has implemented.
“My mentor is my general manager, who is now the director of the group. He told me, ‘When you want to do something, listen to all, but do what you want to do. And when you make that decision, it might be right or wrong, but stand by it.’ That has helped me to be resilient, to listen to the people, but ultimately, to do what my heart responds to,” Dipen says.
