In the first year of Ali Sadeghi’s management at the Farhangian Reserve Fund Institute, this large economic institution reached its most dynamic and successful period of activity in the past three decades by recording the highest net profit in its history, significantly increasing the value of Farhangian assets, and taking the final step of implementing the equity value plan, and led to the return of trust and hope among the institution’s member educators.
This brilliant performance was not limited to the financial field alone, and the structural reorganization of subsidiaries, reforming the management system, increasing profitable companies, reducing loss-making companies, clarifying processes, strengthening internal supervision, and activating, completing, and operating suspended projects transformed the Farhangian Reserve Fund Institute into an active, accountable, transparent, and efficient institution.
Simultaneously with these developments, the development of welfare plans and the provision of unprecedented welfare services to the members of the Institute, including cheap tourism bank facilities, cheap and high-quality travel facilities, the opening of the Jannat Hotel in Isfahan, the expansion of supplementary teacher insurance for teachers across the country, and the timely deposit of thousands of billions of Tomans into the accounts of retirees, have transformed the Institute into a true symbol of “service to teachers.”
Below are some of the most important achievements of the Farhangian Reserve Fund Institute under the management of Ali Sadeghi.
A historic record in profitability and return on capital of Farhangian in the fiscal year 1403 In the fiscal year ending on Shahrivar 31, 1403, the Farhangian Reserve Fund managed to record 73 trillion rials in consolidated net profit; an unprecedented figure in the history of the institution’s activity, which represents an 81% increase compared to the previous fiscal year. This achievement is the result of financial discipline, continuous monitoring of investments, reform of the company structure, and efficient management of assets in the subsidiary holdings.
111% realization of the plan and budget for the fiscal year 1404 Based on the unaudited consolidated reports of the subsidiary companies and holdings, the budget for the fiscal year ending on Shahrivar 31, 1404 has been fully realized, and the final profit figure will be announced after the holdings’ assemblies are held. This event demonstrates the financial stability and sustainable growth of the Education Reserve Fund for the second consecutive year.
Unprecedented distribution of 50 trillion rials in profits and deposit of 23 trillion rials into retirees’ accounts
For the first time in the history of the institution and with the approval of the general assembly, 50 trillion rials from the profits of the fiscal year 1403 were distributed among all members of the fund, and 8 trillion rials of this amount were deposited into the retirees’ accounts just one day after the general assembly was held.
Also, over the past year, more than 23 trillion rials were deposited into the accounts of retirees who are members of the institution. The speed of action and executive accuracy in depositing these amounts less than a month after receiving the retirement information is unparalleled in its kind, which reflects the special respect and honor of the CEO towards retired educators.
Unprecedented support facilities and welfare services for working and retired educators Improving the welfare and quality of life of working and retired educators through the provision of smart and affordable welfare services has been one of the main strategies and concerns of the management over the past year.
In this regard, in cooperation with the Gardeshgari Bank, a plan to provide cheap facilities of 300 million rials for more than one million retired educators was launched. In the first two months of the implementation of this plan, namely Mordad and Shahrivar 1404, more than 40,000 educators benefited from these facilities. This plan continues in stages and based on the years of membership of educators in the institution.
The installment travel plan for educators was also creatively designed and implemented so that working and retired educators and their families can benefit from accommodation services in three- and four-star hotels with three full meals by paying half of the travel cost in cash and settling the rest in 11-month installments.
Completing several unfinished projects and converting the institution’s capital into productive and income-generating assets. During the past one-year management period, completing and utilizing unfinished projects in line with wealth generation, productivity, and profitability of members’ assets was placed on the agenda as a roadmap and main policy. The result of this approach was the completion of several important projects, some of which had been on hold for years and even decades.
The Sabalan 2 National Petrochemical Project, with an annual production capacity of 1.6 million tons of methanol per year, is on the verge of official operation with proper management and round-the-clock efforts. With the launch of this project, Petrofarhang’s methanol production capacity will reach about 5 million tons per year. With the completion of Siraf Energy Petrochemical Company, this capacity will increase to 6.6 million tons, placing Farhangian Reserve Fund as the largest methanol producer in the country.
Another success was achieved in the new energy sector, and the 10-megawatt solar power plant of Mafna Company was completed, commissioned and put into operation in the spring of 1404 in Esfandaghe, Kerman. With the inauguration of this project, the Farhangian Savings Fund Institute, by delivering 35 megawatts of electricity to the country’s national electricity grid, in addition to generating profits for its members, played an important role in reducing the energy imbalance in the country. Mafna Company has also received permission to build 2 new 10-megawatt power plants, which are under construction. The large Goloord Dam Bridge project, which is known as the second metal arch bridge in the country (with a length of 281 meters and a lower arch of 208 meters), was completed by Arak Mashin Sazi Company and is ready for official operation.
In the path of improving welfare services, the important project of the Janat Hotel in Isfahan, which had been stalled for nearly a decade, was completed under the new management and was put into operation in October 1404 in the presence of the Minister of Education. This hotel, with a capacity of 120 beds, is considered another step towards expanding tourism and welfare services for educators, in addition to profitability.
The construction of the 220-unit Qotb Sepehr Lavan Hotel project in the Asaluyeh region has resumed in the second half of 1403 and, if completed, will play an important role in profitability for the members of the institution and providing services to the petrochemical companies of Petrofarhang Holding in the Asaluyeh region.
Setting new records in financial transparency, smart governance and legal pursuits for the first time in the history of the activities of the Farhangian Reserve Fund Institute, four transparency systems were launched in the areas of contracts, lawsuits, real estate and transactions, which is an important step towards realizing “smart governance”. In addition, three new transparency systems are being designed and implemented.
Realizing the rights of the institution and educators through the collection of outstanding claims and determining the duties of legal cases has been one of the main agendas of the management over the past year. In this regard, 460 legal cases worth 30 trillion rials and one foreign exchange case worth 4 million dollars were determined, and 40 trillion rials of abandoned annual claims were collected.
The management of the institution also actively pursued legal pursuit and continuous negotiations with the government to collect 75 trillion rials of the fund’s outstanding claims, and efforts to realize this legal right of educators continue with seriousness and in close interaction with financial institutions and the Planning and Budget Organization.
Implementing the plan to organize subsidiaries and significantly reduce loss-making companies is one of the key strategies of the current management of the institution, portfolio optimization, agility, and increasing the efficiency of subsidiaries through structural reorganization. In this regard, over the past year, 44 companies were evaluated by experts, assigned tasks and made decisions, and the executive process of organizing 32 companies has also begun.
Other measures were taken to improve financial performance and convert loss-making companies into profitable units, as a result of which the number of loss-making companies in the institution decreased by 11 percent, all companies of Farhangian Investment Holding became profitable, and the profitability of this holding increased by 118 percent compared to the previous year to more than 22 trillion rials.
In the industrial investment sector, Petrofarhang Holding achieved profitability for the second consecutive year and performed successfully despite currency challenges and energy imbalances.
Unprecedented increase in interactions with cultural figures and responsiveness to members of the institution The new management of the fund, focusing on “cultural orientation”, established a new path of interaction and responsiveness, and the board of directors of the institution has held more than 10 specialized and public meetings with various groups of cultural figures, including trade associations, economic activists, and claimants, as well as dozens of meetings with stakeholders over the past year.
Various communication systems, including a smart call center, a website, and official social networks, have become more active than ever in responding to members and interacting with them. The mission of the New Process of Educationalists Company was also transferred to the Deputy for Member Affairs to facilitate direct communication and interaction between educators and the institution by utilizing the huge capacity of provincial representatives across the country.
New initiatives by the institution’s management, including in-person responses from various sections of the institution, creating a section to answer members’ questions on the institution’s website, creating new channels and strengthening existing channels on social networks, strengthening communication with influential media, and using the capacity of cyberspace and sending text messages to accurately and comprehensively inform and educate educators, have played an effective role in hearing the voices, demands, and points of view of members and gaining their trust.
Increasing productivity and optimizing the human capital structure by prioritizing the recruitment of educators’ families In human resource recruitment policies, family members of educators who are members of the fund have been given priority in hiring, and this approach is implemented not only in service company recruitments, but also in large industrial projects such as Sabalan Petrochemical 2.
On the other hand, during the current management period, any recruitment and recruitment of surplus labor has been prohibited, and optimizing the human capital structure has been determined as a principle of utmost importance.
The final point: Ali Sadeghi’s one-year management of the Education Reserve Fund can be called a year of transformation, transparency, organization, growth, and trust-building for the institution, which, from setting a new record for profitability to developing welfare services, realizing the budget, completing unfinished projects, entering the capital market, implementing the equity value plan, and strengthening direct communication and interaction with educators, all indicate the beginning of a new chapter in the path of profitability, wealth generation, and providing welfare services to educators who are members of the institution.