date : 13 June 2018

Record breaking of IRANOL in the production, sales and exportation of engine oil and the division of 2000 billion IRR profit

The annual ordinary general meeting of IRANOL Co. for the fiscal year ending on Mar. 20, 2018 was held with the presence of more than 98% of the shareholders on Wednesday, June 13^th at Talash hall of the ministry of labor

The public relations and advertisement of IRANOL reported from ILNA news agency that IRANOL Oil Co., by recognizing the company risks on time, the economic system and the production market and by implementing its strategic plan was able to hold one of its best meetings in recent years and was able to put a smile of satisfaction on the faces of its shareholders

The meeting which was held with Mr. Khalegh as the president and Mr. Dianat and Mr. Javid as supervisors approved the financial statements and according to the performance report of the managing director the company set a record for producing and selling and exporting engine oil with a growth of market share and the highest operational profit growth equal to 28%, sale of 20% and increase of 7% of net profit compared to the previous year from 1978 billion IRR in 2016 to 2121 billion IRR in 2017 caused by a fundamental increase of sales and operational profit, decrease of sale, administrative and general costs and changes to the company sale policies from credit to cash and therefore realized the EPS of each share for 1061 IRR and it was agreed that out of the 2121 billion IRR realized profit (at 1061 IRR per each share) a sum of 2000 billion IRR and for each share 1000 IRR equal to 94% of the realized profit to be divided between the shareholders

Also Donyayeh Eghtesad newspaper was selected as the official newspaper of the company and Hoshyar Behmand auditing institute was selected as main auditor and legal inspector of the company for 2018-19. IRANOL meeting which was met with a unique reception by the shareholders was adjourned after presenting some questions regarding the performance of the company and responses by the board members and then the appreciation of the shareholders from the performance of the managing director and board members