21 October 2020 - 13:11
  • News Code: 308698
PGPIC Announces 100% Capital Increase

TEHRAN (Shana) -- The CEO of the Persian Gulf Petrochemical Industries Company (PGPIC) announced a 100% increase in the company's capital, adding the holding and its subsidiaries enjoy 11% share in the country’s stock exchange and OTC.

Speaking on Wednesday, Jafar Rabiee told the annual general assembly of PGPIC that the company had big leaps in all items of its consolidated profit and loss statement compared to last year, adding: “PGPIC’s operating revenues have risen by 48%, gross profit 65%, operating profit 36%, net profit 46% and equity 56% year-on-year.”

He stated that the basic profit per share of the holding has increased by 113% compared to last year and has reached 146.1 Rials from 68.7 Rials, adding the consolidated assets of the holding have reached Rls. 2,070 thousand billion, debts Rls. 151 thousand billion and current capital has reached Rls. 14.350 thousand billion.

Rabiee noted that during the last two years, PGPIC has increased its capital twice, and continued: "Today, in continuation of this meeting, the company's capital will increase by 100% and the holding shares will double from Rls. 14.350 thousand billion to Rls. 28.7 thousand billion."

The CEO of the Persian Gulf Petrochemical Industries Company went on to add that in the first 6 months of the current calendar year, which began on March 21, the ratio of production to capacity reached 84.6% and last year it had a production of 19.7 million tons against 24 million tons of production capacity.

Once new projects come online, the holding’s production capacity will reach 25.9 million tons this calendar year, 30 million tons next year and 40.8 million tons by 2025.

News Code 308698

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