The CEO of Sabalan Petrochemical Industries Company, at the ordinary annual general assembly of this company, announced the realization of a net profit of 1,670 billion Tomans (1.67 Hemt) in the fiscal year ending in Mordad 1404. According to public relations, the ordinary annual general assembly of Sabalan Petrochemical Industries Company was held on Sunday, 30 Azar 1404, chaired by Ahmad Dehghan and with Engineer Karimi, the CEO of the company, acting as secretary, attended by the Chairman of the Board, members of the Board of Directors of Sepehr Energy Holding, senior managers of Petrofarhang Holding, representatives of Sepehr Saderat Financial Group, the representative of the Teachers’ Reserve Fund, and members of the Board of Directors of Sabalan Petrochemical.
Realization of 1.67 Hemt net profit despite operational limitations
Presenting the performance report for the fiscal year 1404, the CEO of Sabalan Petrochemical Industries Company and member of the board of directors stated: “In this fiscal year, despite 132 days of shutdown due to a gas feed cut-off and 15 days of production halt under security conditions caused by the war, Sabalan managed to increase its net profit by 9% compared to the previous fiscal year and ultimately achieved a net profit of 1.67 Hemt.” Referring to the improvement of the company’s financial structure, Engineer Karimi added: “Alongside the growth in profitability, this year, with the efforts of colleagues and the cooperation of shareholders, the company’s accumulated losses reached zero, and Sabalan Petrochemical has practically passed this stage. Maintaining and increasing profitability under conditions where an important part of the production halt was beyond the company’s control is the result of the expertise, commitment, and empathy of the employees, as well as the comprehensive support of the shareholders in Sepehr Energy holdings, Petrofarhang, and Sepehr Saderat Financial Group.”
Sabalan Site 2 on the verge of operation
In continuation, referring to the progress of the Sabalan 2 project, the CEO of Sabalan Petrochemical stated: “The Sabalan 2 project was handed over to the Sabalan executive team in Mordad of last year with 46% physical progress and stagnant project conditions, and today, after one year, it has reached 97% progress; A figure that is the result of close and effective cooperation between the company and shareholders, and from various aspects, is considered a great and honorable work.” He added: “In Sabalan Site 2, 16 process equipment items have been produced for the first time in the country by Machine Sazi Arak and installed by the company’s own experts; An issue that turns Sabalan 2 into one of the most Iranian methanol units in the country.” “This project is a great achievement for the country’s petrochemical industry from all aspects, and this huge leap in the path to completion shows the determination and will of the Sabalan complex to realize the motto of creating value for esteemed shareholders.” Concluding this section, Engineer Karimi noted: “Based on the plannings made, God willing, we will be ready for the official inauguration in Bahman, which is very good news for the honorable shareholders and the country’s petrochemical industry.”
Admission of Sabalan Petrochemical into the Fara Bourse
Referring to the admission of this company in Iran Fara Bourse, the CEO of Sabalan Petrochemical said: “This is the first time that one of the subsidiaries of Sepehr Energy and Petrofarhang holdings has successfully been admitted to the Iran Fara Bourse market.” He continued: “Sabalan’s entry into the Fara Bourse is considered a major step towards development, upgrading financial transparency, increasing corporate discipline, and strengthening the position of this company as a member of the Sepehr Energy and Petrofarhang holdings family in the country’s petrochemical industry.” At the end of this assembly, the company’s financial performance report was read by the independent auditor and legal inspector, and the financial statements for the year ending in Mordad 1404 were approved by the general assembly.
