12 September 2020 - 14:22
  • News Code: 307144
PGPIC among ICIS 100 Top Chemical Firms

TEHRAN (Shana) – Iran’s Persian Gulf Petrochemical Industries Company (PGPIC) has managed to maintain its position as one of the top 40 chemical companies in the world in the ICIS 100 Top Chemical Companies in 2020 despite severs US sanctions on the company.

According to PGPIC, a report published by the ICIS Institute, which reviews the companies' 2019 performance, states that the sales of the world's top 100 chemical companies have fallen by 4.9 percent in the year due to increased market competition and excess production capacity compared to the previous year.

Moreover the sales have fallen by 10 percent for 34 companies, the reports said, adding their margin of profits had reduced dramatically compared to 2018.

Interestingly, 10 of the top 100 companies in 2018 have reported net losses in 2019. The performance of PGPIC as the only Iranian company in this list, has been outstanding compared to the average performance of the top 100 companies in 2019, and its profit reduction percentage is much better than the average list and its regional competitor SABIC. ‌

PGPIC is also ranked second in the investment cost index for the second year in a row, after BASF, which shows continuous investment in order to maintain and develop its competitive advantage in global markets.

Moreover, in terms of R&D cost growth percentage and asset growth rate, the company is among the top 15 companies in 2019, which will lead to increased production and sales in the coming years. ‌

PGPIC rankings for 2015, 2016, 2017 and 2018, respectively, stood at 34, 44, 38 and 35, despite maximum pressure from the US to restrict the activities of the petrochemical industry in Iran and without access to international funding.

News Code 307144

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