Fanavaran Petrochemical Company (FPC) said on Monday it made more than
30.7 trillion rials ($65.3m; £46.6m) in net profit for the year ending March
2021, up from 15.92 trillion rials ($33.9m; £24.2m) the year before.
The company said it managed to boost its profitability by investing in
short-term and long-term projects, controlling costs and producing equipment
and parts domestically.
It said it also saved 3.5 million euros ($4.2m; £3m) in hard currency
last year by cutting its dependence on foreign suppliers.
FPC is one of Iran’s largest petrochemical producers, with an annual
capacity of more than 1.6 million tonnes of various products.
Iran has been under US sanctions since 2018, when former President
Donald Trump withdrew from a nuclear deal and reimposed restrictions on its oil
and banking sectors.
The sanctions have hampered Iran’s ability to sell its oil and
petrochemical products abroad, as well as to import essential goods and
Iran and six world powers are currently holding talks in Vienna to
revive the nuclear deal and lift the sanctions.
($1 = 470,000 rials; £1 = $1.4; €1 = $1.2)