An 89-fold increase in net profits compared to the last fiscal year

seco International Trade Corporations’ (Sitco) general annual assembly was held on October 28th, 2023, with the presence of engineer Ali Yari, Energy Sepehr Holding’s CEO, chaired by Ali Lotfi, and with Dr. Fereydoun Qasemi, Sitko Company’s CEO, as the secretary.

Energy Sepehr Holding’s Public Relations reported that Fereydoun Qasemi, Sitco Company’s CEO, said in this assembly: “We have recorded an 89-fold increase in net profits compared to the last fiscal year under the difficult conditions due to the sanctions for the first time, which was achieved thanks to the implementation of developmental plans in the framework of operational profit and sales growth. These statistics are solely based on methanol exports from Sabalan Petrochemicals, and Kimia Pars Khavarmianeh Petrochemicals’ production has been set to be sold by Sitko over the next fiscal year. We thus promise a new record in net profits for the holding over the next fiscal year”.

He added: “Exportation of 680,000 tons of methanol in the fiscal year ending in August 22nd, 2023, with the aim of bringing currency into Islamic Iran was among the main goals of Sitko, which was accomplished thanks to the efforts invested in this regard and without a cent of loss in the Iranian trades system”.

Qasemi pointed to the no foreign exchange damage payment or delay in methanol loading: “Fortunately, no demurrage or late loading was recorded in the last fiscal year thanks to the measures taken, which is rare as many exporters pay considerable damages in this regard. It should thus be acknowledged that Sitko did not suffer any of the damages common to other companies and has reduced the risks on the one hand and increased net profits on the other

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