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PGPIC Sees 39% Market Value Growth

PGPIC Sees 39% Market Value Growth
(Wednesday, October 25, 2023) 02:03

TEHRAN (NIPNA) -- The General Assembly of Persian Gulf Petrochemical Industries Company (PGPIC) for the fiscal year ending in late June 1402 was held with an 80.28% attendance of shareholders. The event, presided over by Bijan Chagani, took place at the International Conferences Center in Milad Tower.

According to the public relations department of PGPIC, the CEO of the company announced that the company had achieved a record-breaking $16.7 billion in sales within the Gulf Petrochemical Industries Group, resulting in a remarkable 39% growth in combined sales. The company also reported a 64% increase in cumulative profits and a 26% rise in profitability, marking these as significant accomplishments for the largest petrochemical holding in the country.

The CEO went on to report a 9.7% increase in production for the first seven months of the Iranian year 1402, reaching one million and 350 thousand tons.

Regarding the achievements, the CEO emphasized the benefits to millions of people who profit from the hard work of the employees, engineers, and managers of the Gulf Petrochemical Industries Group. The company aims for transparency in its operations and stressed that in 1401, "Fars" was ranked as the top company in Iran out of 100 companies in terms of sales, export revenue, and market value, and second in terms of profitability and added value.

Moreover, the company's position in the rankings of the International Chemical Information Service (ICIS) also improved by 15% compared to the previous year, reaching 27th place. The CEO acknowledged that the company could have aimed for a higher rank, but challenges in the utility sector and the presence of strong Chinese companies prevented further advancements. Nevertheless, their goal for the upcoming year is to achieve a ranking below 20th place in this category.

Furthermore, the CEO addressed the company's impressive 39% growth in market value, from 976 trillion to 1,350 trillion Tomans, highlighting PGPIC's position as the largest market capitalization company in Iran.

He also mentioned the 13.5% market share of this holding, showcasing its strong performance in the capital market and the mechanism facilitated by PGPIC’s Market Maker Fund.

The CEO reported a 68% return on equity for Fars during this fiscal year, while the overall market index returned 41%.

The General Assembly proceeded to hear the auditor's report and approved the financial statements.

In conclusion, following responses to questions from shareholders, the official newspapers "Ettela'at" and "Iran" were selected, and the General Assembly approved the distribution of a 70 Toman dividend per share.

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