Sabalan Petrochemical’s Annual General Assembly was held

Sabalan Petrochemicals’ CEO announced a production growth of over 20% over the fiscal year ending in August 2023 compared to the last year in the annual assembly.

Sabalan Petrochemical’s Annual General Assembly was held on Nov. 1st, 2023, with the presence of Ali Yari, Sepehr Energy Holding’s CEO, Petrofarhang Holding’s senior managers, Sabalan Petrochemicals’ board of directors headed by Ali Lotfi and with Reza Karimi, CEO at Sabalan Petrochemicals, as the secretary.

Pointing to the 20% growth, Karimi said: “Fortunately, we managed to reach a 100% nominal production capacity over the last fiscal year by changing the catalyst and supplying oxygen, which is a remarkable achievement resulting in a 20% production growth compared to last year. The capacity will hopefully keep on increasing over the next year”.

He added: “Further, we enable increased export as a result of increased production, which will bring about increased currency inflow for the country”.

Sabaln’s CEO also pointed to the delayed liabilities of the firm as one of its most important challenges: “We managed to pay a large portion of these debts over the fiscal year ending in August 2023, which is a significant accomplishment”.

Karimi declared: “Our prediction for the fiscal year ending in August 2023 was an IRR 12,000 billion loss, which we managed to reduce by 85% through resource management, focusing on production growth, and product storage. Our prediction for the next year is to achieve profitability, God willing”.

Finally, he declared: “All the measures taken over the recent fiscal year indicate the determination and commitment all my colleagues and employees at Sabalan Petrochemicals who did their best to be good fiduciaries for our esteemed shareholder, which led to reduced accumulated loss and increased production and export. I would like to thank all my colleagues for this achievement”.

By the end of the meeting, financial statements and board of directors’ report to the assembly were approved and Iran Newspaper was appointed as Sabalan Petrochemicals’ official Newspaper.

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