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Increase of 53% in Net Profit for Fanavaran Petchem Company in Fiscal Year 1401

Increase of 53% in Net Profit for Fanavaran Petchem Company in Fiscal Year 1401
(Sunday, July 9, 2023) 02:09

TEHRAN (NIPNA) -- The CEO of Fanavaran Petrochemical Company announced that the net profit of the company reached 31,451 billion rials in fiscal year 1401, showing a remarkable 53% increase along a growth trajectory.

Mohammad Javad Baderi presented the performance report of the board of directors during the annual general assembly of shareholders for the fiscal year 1401 and the extraordinary general assembly of Fanavaran Petrochemical Company.

He highlighted the strategic goals, such as production sustainability, profitability, energy carrier consumption management, self-sufficiency projects, environmental and sustainable development.

He emphasized that Fanavaran Petrochemical Company's selection as a green industry and its consecutive ranking among the top 100 Iranian companies in the IMI-100 classification over the past five years align with the envisioned future and defined objectives.

The CEO highlighted the company's efforts in managing energy carrier consumption and removing production obstacles, underscoring the continuation of this trend in line with maximizing the interests of stakeholders. He stated, "In fiscal year 1401, we achieved optimization of fuel consumption worth 2,609 billion rials, utility consumption optimization worth 134 billion rials, and savings of 1,210 billion rials resulting from the implementation of the metering plan."

Baderi continued, "Despite the decrease in operational revenue due to export barriers and limitations, the net profit for fiscal year 1401 reached 31,451 billion rials, marking a significant 53% increase. This growth is a testament to the soundness of the targeted investments made by the company in the past."

According to the report, based on the identification of the net profit of 31,451 billion rials resulting from the performance of Fanavaran Petrochemical Company in fiscal year 1401, a base dividend of 900 rials per share was announced for the allocation to the company's shareholders and was approved by the assembly.

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